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LEO’s price is currently trading at $3.55 while seeing a change of 117% in 24-hour trading volume. - 2
The price of the Leo token showed a decline of 1.27% in the last 24 hours.
The price action in the LEO price is suggesting that bullish attempts of the buyers to break the long-term resistance have been firmly turned down by the 200 EMA. The long bearish red engulfing candle suggests that currently there is a strong presence of sellers in the market and prices can observe a further decline in recent days.
Though the uptrend made by the price of LEO since mid march where the price is finding constant support from the buyers suggests that bulls are not ready to accept the defeat. And they will make a comeback in an attempt to take control back of the LEO price.
LEO Price is Taking a Severe Resistance from 200 ema (Daily Timeframe)
The Technical indicators have been giving negative indications in the bear’s support from the last few weeks. The price of LEO has recently taken a reversal from the 200 EMA followed by the Oscillators. In accordance with the price RSI line has been trading on a bull trend where the stochastic RSI has taken a bearish reversal from 70 points.
The latest support level for LEO price is $3.420 which is 4 percent below the current price. The major resistance for LEO price is 6% percent below the present price level of around $3.300. Its most recent resistance level is near $3.700.
Technical Analysis (1-Day Timeframe )
The RSI line is making a bullish divergence with the price action trading near the demand zone. The current RSI value is 54.09 points and is just below the 14 SMA which is trading around 62.57 points.
The divergence made by the RSI line suggests that bulls are in favor of LEO tokens and it may succeed in breaking past the barriers in the near future. Though that time does not seem to be in the near future.
Stochastic RSI has recently taken a reversal from nearly 80 points. The stochastic RSI line is making a double top pattern; crossing below the median line. The current value of stochastic RSI is 33.95 points.
Conclusion
LEO price is currently trading on a bearish trend At present, the LEO price is facing severe resistance from the 200 EMA. If the sellers continue to push the price down from current levels, it could see a slight decline of 4% further reaching near its trend line.
Technical levels –
Support –$3.365
Resistance – $3.500 and $3.800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/05/05/leo-price-analysis-bears-refuse-to-let-go-of-leo-price/