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- The LEO Token price has been underperforming into the falling parallel channel in terms of the daily price chart.
- The vital moving averages such as 20,50,100 and 200 are well above the current LEO token’s price.
- The LEO token price concerning the Bitcoin pair is in the green zone by 4.7% at 0.0001674 Satoshis.
Again bears have kept the LEO token after registering the 2022 high at $9.30 Mark. The LEO token has continued looking bearish to sideways territory with the roller-coaster ride in the terms of the daily price graph. The price action of LEO token draws the descending trendline (dashed blue) for the past several weeks.
With bottom-low momentum, the LEO token price action drew a parallel descending channel on the daily chart, where the bulls were barely attempting to push the altcoin higher. During the sell-off, the bulls lost a key support level at the $5.0 mark last week, which has now turned into an upcoming bullish barrier.
Instead of a prolonged descending channel, bears dominated the altcoin trend amid another descending channel (blue) on the hourly chart. More recently, the bulls attempted to break out of this pattern but failed to manage a cost move above their resistance line.
With a higher outlook, the LEO token is trading at the $4.9 mark (near the most recent bullish barrier of $5.0). The market cap was seen at $4.7 billion, up 1.1% over the last 24 hours. Thus, the LEO token price belonging to the bitcoin pair is in the green zone by 4.7% at 0.0001674 Satoshis.
Bulls need to recape cost above 20 EMA
Important moving averages like 20, 50, 100, and 200 are well above the current LEO token price. Because the daily trading volume in the last 24 hours has been $6.6 million.
Despite the downtrend, the daily RSI indicator is showing some bullish momentum for the LEO coin.
conclusion
The 20 EMA is acting as a bullish barrier this week. And as long as the LEO token remains in the horizontal range there is no trading zone.
Support level – $4.8 and $4.0
Resistance level – $6.0 and $7.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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