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- 1 LEO token has been on a strong downtrend despite strong bullish movements in the global cryptocurrency markets.
- 2 LEO token price is forming a falling wedge pattern on a daily time frame.
- 3 The pair of LEO/BTC is trading at the price level of 0.0001452 with a fall of -1.25% in the past 24 hours.
LEO token price as per the price action is in a strong downtrend and is forming a lower low and lower high formation on a daily time frame. The token price is currently trading at the long term demand zone following a strong fall in the token price during a previous week sell off. At present, the LEO token price is transacting at the price level of $3.35 level.
LEO token price shows hopes of reversal
LEO token price is on a strong downtrend as the price action suggests. But the recent price movement has led to the formation of a reversal chart pattern on a daily time frame. As of now, the LEO token price is trading below the important 50 and 100 Moving Averages. This comes after the token price started falling from the resistance leading to the breakdown of the important MAs. Moving upwards these MAs can be seen acting as a strong supply zone.
At present, the LEO token price is trading at the lower band of the bollinger band indicator. This comes after the token price faced a strong rejection from the bears which led to fall in the price of LEO token. Volumes have increased as the token price fell. Investors should remain cautious and wait for a clear trend and then act upon it.
LEO token price is forming a falling wedge pattern on daily time frame
LEO token price as the ADX curve suggests is ready for a big move as it reverses from the lower level. Currently the ADX curve is transacting at the price level of 59.21. If the token price breaks the supply zone with a strong bullish pressure then the ADX curve can be seen rising higher supporting the trend.
Supertrend indicator is suggesting otherwise. The token price has been falling continuously and the same is depicted in the supertrend indicator. The supertrend sell line can be seen acting as a strong supply zone moving upwards. If the token price does not break the supply zone, the superteend sell line can be seen continuing. Breakout of the supply zone will result in the formation of a supertrend buy line.
Conclusion: The LEO token price as the price action is forming a lower low and lower high price structure formation on daily time frame. The technical parameters are indecisive as token price consolidates. Investors should wait for breakout of the supply zone and if it fails to hold the current level it can be seen falling further.
Support: $3.2 and $2.9
Resistance: $3.8 and $3.9
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
