Looking to go long on LEO? Keep an eye out for this resistance zone
Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation.
Bitcoin had held on to the $30.1k mark as assist over yesterday however was not capable of stand up to a wave of promoting late into the day. The worth fell beneath the $30k mark, and this concern noticed many altcoins plummet down the charts as nicely. However, LEO has carried out strongly on the charts in current days. Although the coin has excessive volatility, it appeared set for a transfer towards the $5.7 resistance degree.
LEO- 1 Hour Chart
Source: LEO/USDT on TradingView
At the time of writing, LEO had crossed above the $5.53 resistance degree and has retested it as assist. Early in May, the value noticed two lengthy candlewicks to the upside that examined the $5.7 degree as resistance. Therefore, it is a degree that the value might be drawn to as soon as once more within the days to come back.
The market construction on the decrease timeframes was bullish. In late May, LEO noticed a surge from $4.82 to $5.4, earlier than falling again to $4.82 a few days later. However, since then, the value has steadily climbed.
The bulls had been profitable in flipping the $5.35 space from resistance to assist, and a transfer additional north to the $5.7-$5.8 resistance might be probably for LEO.
Rationale
Source: LEO/USDT on TradingView
The two Supertrend indicators gave a purchase sign for LEO on H2, however the Stochastic RSI was in overbought territory and will type a bearish crossover. The RSI was additionally within the overbought area, and a pullback might happen. Therefore, it might be a greater possibility to attend for a dip to $5.4-$5.45 to purchase LEO.
The DMI confirmed a powerful uptrend in progress, with each the ADX (yellow) and the +DI (inexperienced) above the 20 mark.
Conclusion
The short-term construction in addition to the momentum indicators favored the consumers. However, the $5.7-$5.8 space is a inflexible resistance zone. Bitcoin’s course within the subsequent week might affect whether or not LEO sees a reversal or a bullish continuation within the subsequent few days.
