Layer's Price Surges 14% After Three-Day Pullback, Eyes $5 High

Layer, a prominent cryptocurrency, has resumed its bullish trend following a brief three-day pullback. The recent surge in its value has shifted the daily outlook positively, indicating a potential for new highs. This resurgence comes after a period of consolidation, where the price stabilized around the $2.8 mark. The bullish momentum is supported by technical indicators, suggesting that Layer is poised for further gains.

The cryptocurrency market is dynamic, and Layer's recent performance is a testament to its resilience. The slight pullback provided a necessary correction, allowing the price to find support before resuming its upward trajectory. This pattern is characteristic of a healthy market, where corrections are followed by renewed bullish momentum. The current price action suggests that Layer is ready to print new highs, driven by positive market sentiment and technical indicators.

Layer’s daily outlook is turning out more bullish on the daily chart due to the latest increase, which came after undergoing a three-day pullback. The $2.8 level produced support, and the price bounced back to where it is changing hands at $3.2 at the time of writing. This bounce brought the bulls back in action and they are now on the verge of reclaim the $3.4 resistance level, which served as barrier in the previous swing high.

Ask Aime: "Can I buy Layer now and see new highs?"

A successful break above this resistance level should send the price to a new high – expected around $5. Failure to break higher could lead to a slow-down in the rally while subjecting to a consolidation phase. As of now, there’s no signs of weakness. If that happens, it may correct lower until it finds a solid ground level. Losing February low in the process could lead to a serious bearish move in the mid-term.

Looking back from where the price picked up in late February, Layer has seen a nice growth with no signs of stopping at the time of writing. Aside from the immediate $3.4 resistance, there’s no key obstacle for the asset on the way up. If it flips this resistance, the next high may come at around $4 and maybe $4.5 in the near term. In case of a drop, the closest support levels to watch for a rebound are $2.8, $2.3 and $1.9. If they fail to hold, $1 would be the next key level to watch more dips.

Key Resistance Levels: $3.4, $4, $4.5

Key Support Levels: $2.8, $2.3, $1.9