Leo is the utility token of blockchain platforms – Bitfinex and Ethfinex. The token decreases transaction costs for Bitfinex users. The iFinex platforms follow a token burn system wherein they buy back LEO tokens from the market every month. 64% of the LEO tokens are presently on the Ethereum blockchain, whereas the remaining 36% are on the EOS blockchain. Let us look at the technical analysis of the same. Past Performance On Jun 19, 2021, LEO opened at $2.63. On Jun 25, 2021, LEO closed at $2.36. Thus, in the past week, the LEO price has decreased by roughly 10%. In the last 24 hours, LEO has traded between $2.32 – $2.53. https://ift.tt/3xUj8DV Day-Ahead and Tomorrow Currently, LEO is trading at $2.38. The price has slightly increased from the day’s opening price of $2.38. Thus, the market seems bullish. The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to start falling. Currently, the RSI indicator is at 19% – deep into the ‘oversold’ territory. It faced rejection at 43% and fell to the current level. Hence, selling pressures are extremely high. High selling activity will exert downward pressure on the LEO price. However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will push the price further up. In a nutshell, the OBV oscillator has given bullish signals, while the RSI and MACD indicators have given bearish signals. Thus, we can say that the overall market momentum is negative. We have to wait and watch to see if the intermittent price rises are temporary corrections or the commencement of a bullish trend. LEO Technical Analysis Currently, the price is below the Fibonacci pivot point of $2.41. It may soon fall below the first Fibonacci pivot support level of $2.33. Thereafter, we have to wait and watch if the price falls further or starts rising again. The price has fallen below the 61.8% FIB retracement level of $2.40. It may soon fall below the 76.4% FIB retracement level of $2.37 as well. By day end, if the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, we can expect the price upswing to continue tomorrow as well.
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