Will it Continue Advancing Upward & Reach $5?

Unus Sed LEO (LEO) is a utility token that is mainly used within the ecosystem of Bitfinex, a major cryptocurrency exchange, and other platforms run by its parent company, iFinex. The token was created by iFinex in May 2019, after Bitfinex faced a financial crisis due to the loss of $850 Million in funds. The token sale aimed to recover this loss and restore trust among Bitfinex users.

LEO token is meant to improve and simplify the trading experience on Bitfinex and other iFinex platforms. The token offers holders various benefits, such as lower taker and lending fees, and cheaper crypto withdrawal and deposit fees. These benefits are part of iFinex’s plan to attract traders to use their platforms and provide value to token holders.

The funds raised from the LEO token’s initial exchange offering were intended to boost iFinex’s business prospects, enhancing the company’s working capital, covering operating costs, and help to repay debt. This move marked a change in the company’s strategy, showing its strength and commitment to maintaining a robust, reliable platform for its users despite previous challenges.

The Leo CMP is $3.966 with an intraday gain of 0.79%. Furthermore, LEO crypto plummeted by 0.59% in market value and declined by 26.25% in trading volume in the last 24 hours, per Coinmarketcap which is a crypto data and info website. Its market capitalization is $3,695,375,219 and its trading volume is $607,205. There are 928,456,756 LEO in circulation.

UNUS SED LEO Price (LEO) Evaluation

LEO price rose from a strong demand zone at $3.5 and reached a new high of $4.20 by July 6th, a 20% increase in a month. Then, the LEO price dropped 14% in the next three months and stayed in a range. However, it plunged due to profit-booking and returned to the demand zone.

The LEO crypto has shown a sign of recovery as the price bounced back from the key level of around $3.5 where it found support. Also, It has formed an ascending triangle, which suggests that the crypto price has room to run higher if more buyers join in.

It seems like the LEO crypto might be ready for another remarkable rise, as it gathers strength by taking a halt in its current bull run to break through the resistance level and reach to new heights from the level.

Therefore, if buyers sustain the pressure, Leo price might surge strongly from the current level. The possible target is $4.40. On the contrary, if Leo fails to hold its grip and breaches the $3.80 level, it may fall further.

LEO is trading above the 50 and 200-day exponential moving averages, which are supporting the price momentum.

However, if more buyers join in, then the bullish momentum might produce higher highs and new highs. Therefore, the LEO price is expected to move upwards, giving a bullish outlook over the daily time frame chart.

The RSI value is 45.14 points, which shows that the LEO crypto is bullish. The 14 SMA is above the median line at 57.79 points. The RSI curve has taken a U-turn and approaching 14-SMA to cut from below, which also confirms the bullish trend.

Summary

UNUS SED LEO indicates that the traders and investors of the crypto price are bullish on chart. The price action of LEO crypto shows bullish aspects as well, as buyers seem to be harnessing strength to display a massive surge in upcoming sessions. Moreover, technical tools such as EMAs and RSI are showing bullish gestures as well.

Technical Levels

Support Levels: $3.80

Resistance Levels: $4.40

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.