ZRO Technical Analysis: Bearish Momentum Continues

Market analysts have been closely monitoring the recent decline of ZRO, which has dropped by 8.25% in the last 24 hours. The price is currently trading at $1.57, testing strong support zones, and is positioned below its EMA20. This bearish momentum continues to dominate the market, but a potential base formation could occur if the price approaches the critical support level of $1.4715.

The 24-hour trading range has stayed within the $1.50 – $1.74 band, and volume has dropped to $91.07 million. This decline reflects the general weakness in the altcoin market, with ZRO continuing to remain below EMA20 ($1.70). The overall market sentiment is cautious, and holding local supports is crucial for ZRO to give a recovery signal.

The multi-timeframe distribution of 14 strong levels may indicate potential base formation, but investors should develop strategies taking this confluence into account. Short-term traders should be cautious and adjust their position sizes accordingly, as the risk/reward ratio looks more attractive in bearish scenarios due to the current downtrend.