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UNUS SED LEO is a utility token that’s used across the iFinex ecosystem. The unusual name is based on a Latin citation from one of Aesop’s fables. UNUS SED LEO was founded by iFinex after Crypto Capital, the company that processed its payments, saw part of its funds seized by the government. IFinex is the parent company of Bitfinex, which warned that it may not be possible to recover these funds. To cover the financial shortfall, it decided to launch the LEO token.
Let us look at the technical analysis of LEO.
Past Performance
The LEO was trading seven days (on 15 October 2021) ago at $2.68. The price is on an uptrend since then, and it closed yesterday at $3.19. The week witnessed an overall change of 19% in the price.
Source: https://www.tradingview.com/x/ap1CDTiL/
LEO Technical Analysis
The price chart took crucial support at $2.62 on 15 October to start an uptrend. It faced some resistance in between, but the uptrend is still continuing. Currently, LEO is trading at $3.28 which is 2.7% higher than the previous day’s close.
OBV is showing a strong uptrend, which means that the selling pressure is being dominated by the buying pressure. This is a strong bullish signal. The traders may take a long position here.
RSI is currently at 68.56%. It is also on an uptrend, indicating a strong bullish signal. The LEO traders may take a long position. However, as the RSI is approaching the overbought region, a trend reversal may also be seen.
MACD is confirming the last week’s bull run. Both the lines have moved from the negative region to the positive region. The gap between them is also increasing. This is also a storing bullish signal, meaning that the traders may take a long position.
Day-Ahead and Tomorrow
The LEO price chart changed the trend at the Fibonacci pivot point at $2.63. The next fib target is at $3.55.
Thus, the indicators are more on the bullish side and the traders may take a long position. The target can be kept at $3.5 and stop-loss can be placed at $3.19