Whale Dumps $3.96M in LayerZero as ZRO Tests $1 Support

A whale wallet transferred 3.51 million ZRO tokens worth $3.96 million to Binance over the past 24 hours, according to Arkham data. The selling occurred as LayerZero traded at $1.007, down 5.7% on daily charts after declining for three consecutive days and breaching $1 support to a low of $0.09. The wallet still holds 1.2 million ZRO valued at $1.2 million, suggesting the holder has not fully exited the position.

Whale Transfers 3.51M ZRO to Binance

The whale wallet made the $3.96 million transfer in portions over the past day. Despite these deposits, the wallet retains 1.2 million ZRO tokens valued at $1.2 million at press time. The timing coincides with ZRO's three-day price decline, during which the token dropped from $1.2 to breach $1 support.

Exchange Flow Balance Remains Positive at 5k

LayerZero's Exchange Flow Balance remained positive at approximately 5k at press time, indicating more sellers are active than buyers. A positive flow balance suggests increased supply and reduced scarcity in the market. The Stochastic Momentum Index (SMI) sat at 6, deep within oversold territory, indicating sellers are dominating the market.

ZRO Tests $1 Support Level

LayerZero is currently testing its key support at $1. According to the source, if the recent selling continues, ZRO will lose the $1 support and drop toward the $0.88 support level. However, if the $1 support holds, the altcoin will rebound toward $1.3.

FAQ

How much ZRO did the whale transfer to Binance? The whale wallet transferred 3.51 million ZRO tokens worth $3.96 million to Binance over the past 24 hours, according to Arkham data.

What is LayerZero's current trading price? LayerZero traded at $1.007 at press time, down 5.7% on daily charts after declining for three consecutive days and breaching $1 support to a low of $0.09.

What does the positive Exchange Flow Balance indicate? The positive Exchange Flow Balance of approximately 5k at press time indicates more sellers are active than buyers, suggesting increased supply and reduced scarcity in the market.