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- LEO coin broke the descending parallel channel, but the bulls again struggled near the resistance area.
- Significant moving averages such as 20, 50, 100 and 200 are below the current price of the LEO token.
- The 6.0 area has acted as immediate resistance for LEO investors for the past several days.
The LEO token is battling near the $6.0 to $6.5 resistance level. In the meantime, buyers have retested this level several times, but the price remains below this bullish resistance.
However, the LEO crypto appears to be on the rise. The LEO token has recently reversed its trend and is being decided to be pursued by bulls near the support line. Despite the overall decline in the crypto market, the price of LEO has formed a high-low range since June 19.
All whilst, on June 22, buyers have seen a breakout of a 4-month consolidation in a bearish channel, which proved to be a good day for LEO investors. However, the altcoin price has registered the bear hedge zone once more (gray box).
Despite several rejections near the bullish barrier, key moving averages such as 20, 50, 100 and 200 remain below the current price of the LEO token. Amidst the accumulation, the 20-day moving average is identified as a short-term support level.
In an intraday trading session, the bulls seem aggressive while the coin is trading at the $5.87 mark at the time of writing. Similarly, on the weekly price chart, LEO price is seen above the 20 DMA.
Will you short the LEO token after seeing the bearish signal of the Parabolic SAR Indicator?
The Parabolic SAR indicator started showing bearish signals as the LEO token trades above the required moving averages.
Similarly, the Stoch RSI indicator is dipping into highly oversold territory and any reversal in the following indicator could propel the LEO token price higher.
Conclusion
The LEO token has been witnessing a sharp rejection near the $6.0 resistance area for the past several days. However, the Stoch RSI is deeply overbought, and the bulls may take this as a sign of a bullish opportunity.
Support level – $5.5 and $4.7
Resistance level – $6.0 and $9.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and 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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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
