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**ZRO Price Rebounds 2.84% as LayerZero Technical Indicators Show Mixed Signals**
The price of ZRO has made a surprising recovery, surging by 2.84% over the past 24 hours despite ongoing uncertainty surrounding the protocol’s governance challenges and the aftermath of its controversial “Proof-of-Donation” mechanism.
At the time of writing, the ZRO price is trading at $1.92, fueled primarily by a sudden shift in momentum from LayerZero’s MACD histogram, which has now turned positive with a reading of 0.0087. This development signals emerging bullish momentum, potentially indicating a rebound for the token.
However, this growth comes as part of a mixed technical picture that presents a challenge for ZRO price action over the coming hours or days. The Relative Strength Index (RSI) currently sits at 51.11, suggesting neither buyers nor sellers have yet gained clear control at current levels.
The recent sell-off has pushed LayerZero’s RSI into oversold territory, resulting in this neutral reading, indicating that ZRO has worked off its extreme oversold conditions from the recent selloff. Furthermore, the token’s chart remains beset by numerous moving averages, which continue to exert downward pressure on price action.
In a stark contrast to the positive MACD reading, LayerZero’s Bollinger Bands show the token trading within its recent range rather than at extremes. This suggests that ZRO lacks the energy or conviction required to break out of its narrow consolidation band.
Source: Blockchain.News
