LEO Token is among a few cryptocurrencies that are yet to see a floor price despite the widespread upswings in the market since late December. To put this into perspective, LEO is down 3.1% in the last 30 days to trade at $3.36 at the time of writing.
If tentative support at $3.35 fails to hold during the American session on Monday, LEO Token price would be forced to keep searching for support at $3.00 and $2.00, respectively.
Bitcoin (BTC) price, on the other hand, has returned over 30% in the same period and appears ready for the next climb to $30,000 in the coming days – possibly weeks. This bullish outlook is not unique to BTC, considering the rest of the market could follow in the footsteps of the largest cryptocurrency.
LEO Token price is testing the strength of short-term support at $3.35 to prevent declines from stretching to $3.00 and $2.00, respectively. However, stopping the ravaging selling pressure could be a tall order for the bulls, especially with LEO holding below all the applied major moving averages.
Notice the 50-day Exponential Moving Average (EMA) (in red) capping price movement under $3.58. Similarly, the 100-day EMA (in blue) reinforces the bearish stance at $3.78 while the 200-day EMA (in purple) sits slightly above a recently broken buyer congestion area at $4.00.
Two key sell signals could keep LEO Token price on this lengthy downtrend far much longer than investors could be expecting. For instance, the Moving Average Convergence Divergence (MACD) recently snapped out of a short-term bullish outlook as soon as LEO Token hit a wall at $4.00 during its upswing toward the end of January.
Notice how the MACD line in blue quickly reconfirmed a sell signal as it crossed below the signal line in red. The momentum indicator is now below the mean line (0.00), a situation that may keep probable price rebounds stifled this week.
The SuperTrend indicator upholds the pessimistic outlook in LEO price as it towers above the token. Like a moving average, this indicator overlays the chart. However, the SuperTrend incorporates the average true range (ATR) to gauge market volatility.
Traders rely on this indicator to ascertain where the trend is going, with LEO Token price expected to keep exploring the rabbit hole. The status quo will only change after the SuperTrend flips below LEO Token, changing the color from red to green.
When Is LEO Token Price Going to Bottom?
LEO Token price upholds the bearish outlook in shorter time frames like the four-hour chart. Traders shorting LEO may continue doing so – now that the MACD indorses the bearish grip.
There is a small chance that sellers will accept $3.35 as a support level, but it is uncertain if LEO will rebound. The current drop from $4.00 is likely to persist in the upcoming period.
LEO Token could bottom at $3.00 as investors piggyback a generally bullish crypto market in Q1 2023. For now, it would be wise not to trade against the trend as that will only lead to more losses.
Buy orders may be triggered after LEO Token price rebounds from $3.35, or the next support at $3.00. Traders should be on the lookout for a buy signal from the MACD, likely to manifest as the blue line crosses above the signal line in red. Furthermore, the histograms in the MACD should have flipped above the mean line and changed the color from red to green before activating the buy orders.
LEO Token Alternatives to Buy Today
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