LayerZero (ZRO) gained 8.25% over a 24-hour period, defying the flat or bearish price action seen across much of the broader altcoin market. The short-term price movement was accompanied by increased speculative activity.
Coinalyze data indicated a 9.8% increase in Open Interest (OI), while spot Cumulative Volume Delta (CVD) also climbed. However, CoinMarketCap data showed that daily trading volume slipped by 41.3% during the same timeframe.
In network developments, Canadian financial startup Loon Finance announced it selected LayerZero's OFT Standard as the interoperability solution for its Canadian dollar-backed stablecoin, CADC. According to the announcement, the OFT standard was chosen because it met the startup's requirements for security, liquidity, and compliance control for an institutional-caliber multi-chain operator.
Price Structure and Key Levels
ZRO rebounded from a local low of $1.41, marking a 31.8% rally. While the altcoin's 1-day price structure remained bullish, it had experienced a retracement phase for most of October following a prior rally from $0.918 to $2.48. Based on those levels, the recent bounce originated from just below the 61.8% Fibonacci retracement level of $1.51.
On lower timeframes, the 2-hour chart showed the price recovering above $1.80 and challenging a local high at $1.86. Analysts identified the $1.60 to $1.64 range as a local demand zone, noting that a drop below $1.60 would act as a warning sign, while a sustained decline below $1.417 would invalidate the short-term bullish bias and potentially target a deeper retracement to $1.25.
