LayerZero (ZRO) is experiencing a powerful upward surge, soaring 23% in the past 24 hours and reaching a high of $2.57. This impressive move comes amid a broader crypto market rally that has pushed total market capitalization above the $4 trillion mark. While some major assets like Bitcoin and Ethereum see price gains, others remain vulnerable to bearish trends. 23% of LayerZero’s recent surge can be attributed to its significant increase in trading volume (over 808%). The asset traded as low as $1.89 earlier today and has since been propelled upward. Its current market cap sits at a modest $427 million, but the daily trading volume is a strong indicator of investor confidence, reaching $368 million. LayerZero’s price action reveals a positive trajectory for the past week; its seven-day price chart shows a consistent upward trend with gains exceeding 40%. The recent surge in LayerZero’s price is further evidenced by technical indicators. The MACD line, situated above the signal line, signifies bullish momentum. Additionally, the Chaikin Money Flow (CMF) indicator demonstrates strong buying pressure, as its value sits at 0.21 – a positive sign. This suggests that capital is flowing into LayerZero rather than out of it. Is this surge sustainable? Will LayerZero continue to defy gravity and further climb towards new highs or will the market pullback bring about a reversal? Analysts suggest potential for sustained growth, with some pointing to an upcoming retest of $2.52 as resistance. However, if the bullish momentum weakens, LayerZero might face some downward pressure, potentially encountering support at $2.40 and retracing down to a lower range. The asset’s current bullish dominance is further evident by its Bull Bear Power (BBP) reading of 0.673, indicating strong upward pressure. LayerZero’s RSI, which rests at 78.28, also suggests an overbought condition. This suggests that the asset might face a pullback or consolidation soon unless buying pressure continues.