Stargate DAO Approves LayerZero Acquisition; ZRO Eyes $2.60
ZRO price has fallen 7.5% in 24 hours to $2.01 despite Stargate DAO approving the LayerZero acquisition proposal with nearly 95% of votes in favour. Over the weekend, Bitcoin (BTC) dipped to around $110,000 and Ethereum (ETH) traded above $4,700 after a $4,953 all-time high, contributing to the broader market pullback. Wormhole made a late $120 million cash offer for Stargate (STG), and Across and Axelar signalled potential bids if the process stalled. On the 4-hour chart, technical indicators remain bearish: the RSI sits at 54 and MACD lines are nearing a bearish crossover. If selling persists, ZRO could test $1.85 and possibly $1.625. However, with the LayerZero acquisition news, a rebound toward the first resistance at $2.38 is likely, and a sustained bullish momentum could propel ZRO to its price target of $2.60.
Neutral
The news combines a short-term bearish price drop with a long-term bullish catalyst. While ZRO price fell sharply due to broader market volatility, the high-approval LayerZero acquisition by Stargate DAO provides a positive fundamental driver. Technical indicators signal potential support tests at $1.85 and $1.625, but approval news could spark a recovery to resistance levels and a $2.60 target. Similar past acquisitions (e.g., major protocol mergers) initially weighed on token prices before triggering renewed investor interest, suggesting mixed but neutral overall market impact.