LEO was launched in 2019 and it was designed so that Bitfinex users could save money on trading fees. The limit of discount depends on the amount of LEO a customer has in his/her account. The price fluctuation depends on the trading pair. The following LEO technical analysis predicts price trends for the next two days:
On May 25, 2021, LEO opened at $2.46. On May 31, 2021, LEO closed at $2.40. Thus, in the past week, the LEO price has decreased by approximately 2.43%. In the last 24 hours, LEO has traded between $2.26-$2.45.
Day Ahead And Tomorrow
Currently, LEO is trading at $2.39. The price has increased from the day’s opening price of $2.27. Thus, the market seems bullish.
The MACD and signal lines have entered the negative zone on the daily chart. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price may decline further. Although, a strong buying pressure can make the LEO price move towards the resistance level and the signal line can crossover the MACD line.
Currently, the RSI indicator is at 45%. Which turns out to be a big resistance for RSI. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.
In short, when we look at the two oscillators, we can say that the price may continue to rise for the day ahead. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent fall in the price is a corrective action or the beginning of a downtrend again.
LEO Technical Analysis
Currently, the price is above the second Fibonacci pivot point of $2.36. If the bulls remain strong till day end, then the price is likely to rise above the first, second, and third support levels of $2.65, $2.88, and $3.11, respectively.
The price is testing its long-term resistance level, which is at $2.46. It is currently trading above the 23.6% FIB retracement level of $2.36. Thereafter, we have to wait and watch if the price breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.