ZRO price gains 14% to break above key hurdle, defy broader dump

  • ZRO price pops 14% as LayerZero sees a 66% spike in trading volume.
  • The LayerZero Foundation has recently repurchased 50 million ZRO tokens, equivalent to 5% of the total supply.
  • Bulls could target a breakout to $3.25 and then highs above $5 if sentiment holds.

The LayerZero (ZRO) token is among the altcoins to defy the broader crypto dump today, with ZRO price up 14% in the past 24 hours.

Gains for LayerZero come as Bitcoin drops below $110,000 and Ethereum under $4,000.

But like some altcoins across the market, ZRO is seeing an uptick and has broken above the critical resistance zone near $2.20.

LayerZero price jumps 14% — why is ZRO up today?

While most altcoins hit downside action, ZRO is surging amid two notable network milestones.

Potentially, one is the announcement by the LayerZero Foundation of a major token buyback program.

The move triggered an immediate surge in ZRO’s price, with the altcoin climbing from lows of $1.83 to reach highs of $2.24.

A dip to retest the support area at $2.00 has nonetheless seen bulls break the key hurdle at $2.25 to hit highs of $2.33.

ZRO’s uptick aligned with the 50 million token buyback, with about $150 million ploughed back into the market for the tokens.

Traders reacted positively after the 25 million ZRO token unlock event earlier, with the buyback and market reaction helping to offset sell-off pressure.

Crucially, the repurchase has tightened supply and could provide more fuel for bulls.

LayerZero’s recent acquisition of the Stargate cross-chain bridge is another catalyst for ZRO price.

The Stargate integration, approved by the DAO with 94.7% support, came at a crucial time for LayerZero.

Plasma, the platform for global money movement, has unveiled its mainnet.

LayerZero is a key player in the ecosystem, able to bridge liquidity to Plasma via Stargate.

ZRO price has jumped amid these integrations.

What’s next for the ZRO price?

As the LayerZero price rose, trading volume spiked 66% to $173 million in the past 24 hours.

This suggests bulls are buying at current levels, and ZRO’s market value could benefit further.

ZRO price chart by TradingView

The ZRO price outlook also shows bulls are looking to ride a technical breakout.

On the daily chart, the price has broken above a descending triangle pattern’s resistance line.

Notably, technical indicators such as the daily RSI and MACD are flashing bullish signals for ZRO.

Successful retest and breakout from the trendline of a prolonged consolidation phase level will allow buyers to target $3.25 and higher.

Bulls are currently 53% up on the all-time low of $1.50 reached in March.

Meanwhile, the all-time high that counts as a short-term target sits about 70% off current prices at $7.53.

The post ZRO price gains 14% to break above key hurdle, defy broader dump appeared first on CoinJournal.

YouTube star Mr Beast scoops $900K worth of ASTER in a 3-day buying spree

  • Mr Beast bought 538,384 ASTER tokens in the past three days.
  • He accumulated the dip, purchasing at $1.87 average price.
  • Aster DEX resolved a technical trading issue today and compensated affected users in USDT.

Experienced market players are taking the current market downturn as a chance to buy at lower prices.

On-chain data shows popular YouTuber Mr Beast purchased 538,384 ASTER coins in the past three days.

The star had deposited $1 million in USDT using two wallets, withdrawing tokens worth approximately $990,000.

Details show Mr Beast executed his transaction when ASTER traded at around $1.87 per coin, indicating what many consider a smart “dip buying strategy.

Aster has gained traction lately as perpetual decentralized exchanges dominate trends that Hyperliquid began weeks ago.

Native ASTER has been on steroids this week, soaring continuously from $0.10 on September 17 to all-time highs above $2.4 as of September 24.

However, it has lost the upward steam due to broader market bearishness and profit booking.

ASTER is trading at $1.88 after losing more than 10% of its value within the last 24 hours.

Despite the downside, massive whale actions signal confidence in solid rebounds.

Mr Beast’s bet on Aster has triggered optimism among enthusiasts who anticipate significant growth as the altcoin gains visibility.

One X user commented:

Celebrity entries like this tend to draw mainstream attention, interesting to see how retail sentiment reacts around ASTER after Mr Beast’s move.

Aster DEX sparks debates with swift issue resolution

Mr Beast’s purchase news emerged as the decentralized exchange faced a technical challenge early today.

The team reported abnormal price actions on the XPL trading pair, which liquidated some users.

Meanwhile, the DEX reacted swiftly, solving the issue and reimbursing affected users.

Individuals received compensation in USDT, covering all losses, including liquidation and trading fees.

The official announcement declared:

Compensation for the XPL perp incident has now been fully distributed. All affected users have received reimbursement directly in USDT to their accounts.

The DEX emphasized transparency during the recovery process and urged users with concerns to reach out to the support through Discord.

The prompt action won traders as it reinforced trust in Aster’s ability to safeguard users and ensure transparency during downtimes.

ASTER Price action

The native token trades at $1.88 after dropping over 10% in the previous 24 hours.

ASTER mirror prevailing broader declines, which escalated after the latest USD GDP data revision.

Nevertheless, experts believe the current bearish performance won’t last, forecasting swift rebounds as October approaches.

Investor and analyst @Eljaboom says ASTER is about to explode to $3 as it completes its correction phase.

That would translate to an approximately 60% gain from the market price.

Besides endorsement from Binance’s CZ, Aster gains traction as it taps a unique niche, which looks to dominate the upcoming bull run.

Perpetual DEXs are attracting attention as they blend DeFi’s transparency and self-custody with CEX-like speed, liquidity, and performance.

The post YouTube star Mr Beast scoops $900K worth of ASTER in a 3-day buying spree appeared first on CoinJournal.