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Leo Price Analysis: Leo has broken out of a long-term bullish channel on the daily chart

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  • Leo Coin Price is indicating mixed signals on the RSI charts on the two time frames
  • The coin successfully broke out of a long-term channel and has formed resistance at $ 6.22

Chart of LEO/USD by Trading View

Leo Coin Price has broken out of a bullish channel on the daily chart. The coin was trading in a bullish channel over the past several months, close to nine months. The coin made a breakout and has taken resistance at $ 6.22 on the daily chart. The Relative Strength Index (RSI) chart is indicating that the coin is overbought at the current levels and hence a short-term correction can be expected before the continuation of the breakout pattern. The volumes also have seen a sudden increase over the last few days as the coin made a breakout. Traders can be positively bullish on the coin over the next few trading sessions.

Chart of LEO/USD by Trading View

LEO Coin Price is in a consolidation mode after having broken out of a long-term bullish channel. The coin has been bearish for the most part of today. The RSI chart indicates neutrality for the coin with the RSI value at 40.00 levels on the RSI chart. The coin has support at $ 4.52 and resistance at $ 6.20 on the chart. It remains to be seen how the coin moves over the next few trading sessions, the movement might mostly be bullish going by the indicators.

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Conclusion:

Leo Coin has been on a bullish channel for over nine months and has broken out of the channel over the last few days. The coin looks set to sustain the momentum after a short-term consolidation.

Support: $ 4.50

Resistance: $ 6.22

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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen

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