LayerZero completed the release of 24.7 million ZRO tokens, significantly increasing circulating supply. This event occurs amid bearish market sentiments.
LayerZero Token Release
Today, LayerZero released approximately 24.7 million ZRO tokens, valued at around $47 million. This scheduled release contributes to a significant expansion of supply for the interoperability protocol, increasing pressure on an already fragile market. Currently, the circulating supply only accounts for 11% of the total 1 billion token allocation.
Technical Support and Resistance
The token is currently trading at $1.80, reflecting a 2.06% decrease in the last 24 hours. Market participants are closely monitoring critical support at $1.77 to $1.79. A breach of these levels could push prices lower toward $1.74. Resistance levels have formed between $1.85 and $1.87, with stronger selling pressure near the $1.92 zone.
Market Indicators and Future of ZRO
Indicators such as MACD and RSI also point to negative market sentiment. The MACD is in a negative position, with the MACD line at 0.0448, while the RSI stands at 41.79, indicating weak demand but not oversold conditions. This month's token release is part of a broader unlocking schedule planned through May 2027. Regular monthly emissions are expected, which may maintain selling pressure and keep market conditions volatile.
In conclusion, the recent release of ZRO tokens by LayerZero in a bearish market may significantly impact the value and dynamics of this asset, keeping investors on edge.
