Is Consolidation in the LEO Crypto Chart a Sign of a New Rally?

LEO crypto price analysis shows that buyers are in charge and might win the fight inside the range. It has been stable for a long time, so a sudden upward or downward move may happen anytime.

The range-bound trading indicates that LEO crypto is building a solid base, which is likely to act as a support zone. Buyers are increasing their power and trying to arrest the selling pressure.

Recently, the LEO price rose above the key EMAs and triggered a negative mood. The sellers are also in action and trying to push the price below their dynamic support. If they succeed, it may cause worries for the long-term investors.

Before, buyers attempted several times to break the $4.19 barrier. However, the attempt failed because of the strong resistance of sellers. It requires the involvement of big players and crypto whales for a successful range breakout. If not, sellers will keep on pushing it back from the demand zone.

Currently, the LEO/USD crypto pair is trading at $4.022990 with a one-day rise of 0.45%. In the last 24 hours, the volume-to-market cap ratio is at 0.0010. It shows that this coin has high liquidity and can be easily traded in exchanges.

LEO Gets Ready for Range Breakout; Can the Bulls Win?

LEO price is close to the dynamic support at $4.000. Hopefully, buyers will show up again to give a bounce.

If the price stays in the lower range, it could be dangerous to make a position against the bulls. However, the buyers need to restore the momentum to regain the bulls’ trust.

The chance of the range breakout in LEO crypto will rise when the price trades above the EMA. The analysis indicates that buyers may manage to hold the demand zone and might reattempt a breakout.

The trend of LEO crypto cannot be determined until the price breaks either side of the range. An upward-directional move is likely in the next months. So, aggressive traders may take the risk and add LEO to their portfolios. If the overall crypto market does well in 2024, then this investment might offer good returns in the long run.

Summary

LEO price prediction can remain bullish until it holds the $4.02 support level. It built a solid base and the downside risk is low. However, the potential of the range breakout will rise when the price trades above $4.19.

Technical levels

Resistance levels: $4.10726 and $4.1949

Support levels: $3.95116299 and $3.655925

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.