LEO Token Price Reverses Form Support Line of Bearish Pattern, $5.0 Is Next Resistance

• LEO token price is trading inside a descending parallel channel on the higher time frame.
• In the intraday trading session, buyers hardly try to keep the crypto above the 20-day moving average.
• LEO crypto relative to the bitcoin pair is up 1.84% at 0.0002539 satoshis.

Since this all-time high, LEO token price has been performing a side-by-side formation of lower-highs and higher-lows. Hence, the bulls converted each price increase into selling pressure, which is yet to subside.

Speculators connect all points of swing high and swing low, indicating a downward parallel channel in every time frame like weekly and down. This selling pressure has been there for the last 9 months. Buyers will have to put in extra efforts to overcome this sales zone.

Source: LEO/USDT by Tradingview

LEO token has started adding the cost in crypto since last week. Last week, buyers successfully preserved themselves from sharp decline. As of now, LEO token price is in recovery mode, resulting in, digital asset stays higher by 8% so far while the price stays at $4.2 mark at the time of writing. Now bulls have an upside space to propel asset price until $4.7 resistance.

This week is the only positive sign after two week’s continuous selling. However, buyers retain the $4.0 key level, flipped into immediate support. In intraday trading sessions, buyers barely try to hold crypto above the 20 day moving average over the daily price scale. In addition, LEO crypto belonging to the Bitcoin pair is up 1.84% at 0.0002539 satoshis.

Source: LEO/USDT by Tradingview

In terms of the daily chart, RSI indicators often flipped bearish and bearish close to 30 and 70 levels. Recently, its peak reversed to the higher side and now it observes moves above the semi-line (50 mark). And MACD also generated the the bullish crossover in negative region,

Conclusion

The LEO token price stays above the 20 and 50 day moving averages in intraday trading sessions. RSI shows positivity in LEO crypto and $4.7 level observes as a next resistance if bulls hold $4.0 support.

Support level – $4.0 and $3.7

Resistance level – $5.0 and $6.0

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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