LEO Token Worth Leads Crypto Market Pullback As LEO Drops 8.2% To $3.36

February 6, 2023

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LEO Token is amongst a couple of cryptocurrencies which are but to see a ground worth regardless of the widespread upswings out there since late December. To place this into perspective, LEO is down 3.1% within the final 30 days to commerce at $3.36 on the time of writing.

If tentative assist at $3.35 fails to carry through the American session on Monday, LEO Token worth could be pressured to maintain trying to find assist at $3.00 and $2.00, respectively.

Bitcoin (BTC) price, however, has returned over 30% in the identical interval and seems prepared for the subsequent climb to $30,000 within the coming days – presumably weeks. This bullish outlook shouldn’t be distinctive to BTC, contemplating the remainder of the market might comply with within the footsteps of the biggest cryptocurrency.

LEO Token worth is testing the energy of short-term assist at $3.35 to stop declines from stretching to $3.00 and $2.00, respectively. Nevertheless, stopping the ravaging promoting strain could possibly be a tall order for the bulls, particularly with LEO holding beneath all of the utilized main shifting averages.

Discover the 50-day Exponential Transferring Common (EMA) (in pink) capping worth motion below $3.58. Equally, the 100-day EMA (in blue) reinforces the bearish stance at $3.78 whereas the 200-day EMA (in purple) sits barely above a not too long ago damaged purchaser congestion space at $4.00.

LEO Token price drops 8% — LEO/USD each day chart

Two key promote indicators might maintain LEO Token worth on this prolonged downtrend far for much longer than buyers could possibly be anticipating. As an example, the Transferring Common Convergence Divergence (MACD) not too long ago snapped out of a short-term bullish outlook as quickly as LEO Token hit a wall at $4.00 throughout its upswing towards the top of January.

Discover how the MACD line in blue rapidly reconfirmed a promote sign because it crossed beneath the sign line in pink. The momentum indicator is now beneath the imply line (0.00), a state of affairs that will maintain possible worth rebounds stifled this week.

The SuperTrend indicator upholds the pessimistic outlook in LEO worth because it towers above the token. Like a shifting common, this indicator overlays the chart. Nevertheless, the SuperTrend incorporates the common true vary (ATR) to gauge market volatility.

Merchants depend on this indicator to establish the place the pattern goes, with LEO Token worth anticipated to maintain exploring the rabbit gap. The established order will solely change after the SuperTrend flips beneath LEO Token, altering the colour from pink to inexperienced.

When Is LEO Token Worth Going to Backside?

LEO Token worth upholds the bearish outlook in shorter time frames just like the four-hour chart. Merchants shorting LEO might proceed doing so – now that the MACD indorses the bearish grip.

There’s a small likelihood that sellers will settle for $3.35 as a assist degree, however it’s unsure if LEO will rebound. The present drop from $4.00 is more likely to persist within the upcoming interval.

LEO Token might backside at $3.00 as buyers piggyback a typically bullish crypto market in Q1 2023. For now, it might be clever to not commerce towards the pattern as that may solely result in extra losses.

Purchase orders could also be triggered after LEO Token worth rebounds from $3.35, or the subsequent assist at $3.00. Merchants needs to be looking out for a purchase sign from the MACD, more likely to manifest because the blue line crosses above the sign line in pink. Moreover, the histograms within the MACD ought to have flipped above the imply line and adjusted the colour from pink to inexperienced earlier than activating the purchase orders.

LEO Token Options to Purchase At present

Buyers might need to think about different best altcoins to purchase alongside facet LEO. Now we have chosen a number of best crypto presales for 2023 with the potential to return above-average positive aspects. Our staff of consultants critiques the cryptocurrencies for this listing weekly to make sure you have entry to crypto initiatives with a greater risk-reward ratio.

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