Cryptocurrency

Looking to go long on LEO? Keep an eye out for this resistance zone

Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought-about funding recommendation.

Bitcoin had held on to the $30.1k mark as help over the day past however was not in a position to stand up to a wave of promoting late into the day. The value fell beneath the $30k mark, and this concern noticed many altcoins plummet down the charts as nicely. However, LEO has carried out strongly on the charts in current days. Although the coin has excessive volatility, it appeared set for a transfer towards the $5.7 resistance degree.

LEO- 1 Hour Chart

Source: LEO/USDT on TradingView

At the time of writing, LEO had crossed above the $5.53 resistance degree and has retested it as help. Early in May, the worth noticed two long candlewicks to the upside that examined the $5.7 degree as resistance. Therefore, this is a degree that the worth might be drawn to as soon as once more within the days to come.

The market construction on the decrease timeframes was bullish. In late May, LEO noticed a surge from $4.82 to $5.4, earlier than falling again to $4.82 a few days later. However, since then, the worth has steadily climbed.

The bulls have been profitable in flipping the $5.35 space from resistance to help, and a transfer additional north to the $5.7-$5.8 resistance might be probably for LEO.

Rationale

LEO has a bullish outlook, here is an area of resistance to watch out for

Source: LEO/USDT on TradingView

The two Supertrend indicators gave a purchase sign for LEO on H2, however the Stochastic RSI was in overbought territory and will kind a bearish crossover. The RSI was additionally within the overbought area, and a pullback may happen. Therefore, it might be a greater choice to wait for a dip to $5.4-$5.45 to purchase LEO.

The DMI confirmed a robust uptrend in progress, with each the ADX (yellow) and the +DI (inexperienced) above the 20 mark.

Conclusion

The short-term construction in addition to the momentum indicators favored the patrons. However, the $5.7-$5.8 space is a inflexible resistance zone. Bitcoin’s route within the subsequent week may affect whether or not LEO sees a reversal or a bullish continuation within the subsequent few days.

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