Can LEO Crypto Price Turn Bullish?

UNUS SED LEO price witnessed the formation of a descending triangle pattern over the daily chart. Currently, the price shows an accumulation near over two weeks with the support and resistance at the lower and upper boundary of the triangle pattern, respectively.

The LEO daily chart analysis elaborates that the crypto price had been in a short-term correction phase after suffering rejections from a round level of $4. Moreover, the long-term price trend seems to be neutral currently until it is maintained in the triangle pattern.

The volume analysis shows that the UNUS SED LEO crypto price has a trading volume of $450.4K in the past 24 hours which is 3.98% less than the last day. The crypto has a market cap of $3.45 Billion and ranks 20th in the crypto market. The volume-to-market-cap ratio is 0.01% indicating low volatility in the market.

UNUS SED LEO Price Forms Descending Triangle Pattern

The UNUS SED LEO price is currently trading at $3.64 with an intraday loss of 0.20%. The LEO price trades near the recent support and illustrates a sideways trend in the short term. The long-term trend is slightly optimistic as the price hovers near the 200-day EMA.

The breakout above the upper trendline of the pattern might invite more buying volume in the market and the price may resume its long-term trend.

The breakdown below the horizontal support of the triangle pattern may discourage buyers and sellers may drag the price to lower levels.

Technical Indicators Shows Neutral Trend

MACD lines are showing a bullish crossover. The histogram bars are being formed above the mean line of negligible height indicating an indecisive trend prevailing in the short term. The breakout or breakdown may lead to a trend.

The EMA analysis shows that the LEO price is hovering near the 50-day and 200-day EMA and shows frequent crossover of EMAs with the price. This signals a neutral trend.

Conclusion

UNUS SED LEO is a governance token that forms a descending triangle pattern on the daily chart. The LEO price is trading sideways near the support and resistance of the pattern. The long-term trend is neutral until the price breaks out or breaks down from the pattern.

The volume-to-market-cap ratio is very low, indicating low volatility. The LEO price is near the 200-day EMA, which may act as a support or resistance depending on the direction of the breakout.

Technical Levels

Support Levels: $3.64 and $3.51
Resistance Levels: $3.86 and $4.07

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.