LEO Technical Analysis: Wait and Watch for a Change in Price, Look Beyond $2.69

Leo is the utility token of blockchain platforms – Bitfinex and Ethfinex. The token lowers transaction costs for Bitfinex users. The iFinex platforms follow a token burn mechanism wherein they buy back LEO tokens from the market every month. 64% of the LEO tokens are currently on the Ethereum blockchain, whereas the remaining 36% are on the EOS blockchain. Let us look at the technical analysis of LEO.

Past Performance

On Jun 14, 2021, LEO opened at $2.70. On Jun 16, 2021, LEO closed at $2.55. Thus, in the past couple of days, the LEO price has decreased by roughly 5.55%. In the last 24 hours, LEO has traded between $2.55-$2.75.

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Day-Ahead and Tomorrow

Currently, LEO is trading at $2.56. The price hasn’t changed much from the day’s opening price of $2.55. However, overall the market seems bullish.

The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may become positive soon. Hence, a trend reversal or an intermittent price rise amidst a bearish trend may occur.

Currently, the RSI indicator is at 45%. It faced rejection at 43% and rose to the current level. Hence, buying pressures are slowly building. Thus, we may expect the LEO price to start rising soon.

Besides, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. The OBV indicator is giving further credence to the positive market momentum shown by the other two indicators. Thus, as of now, all three oscillators have given bullish signals.

LEO Technical Analysis

Currently, the price is below the Fibonacci pivot point of $2.62. It may soon surpass it and may even break out of the first Fibonacci pivot resistance level of $2.69. Thereafter, we have to wait and watch if the price continues to rise or falls again.

The price has tested and fallen below the 23.6% FIB retracement level of $2.59. The price may soon surpass it and may break out of the 38.2% FIB retracement level of $2.62 as well. If it fails to do so, then probably the bearish trend is still strong. In that case, we can expect the price downswing to continue tomorrow as well.