Assessing If Leo Can Continue Defying The Broader Market Sell-off

The crypto market seems like a blood tub each on occasion and that’s the way it has kicked off this week. LEO, the native cryptocurrency of the UNUS SED LEO stood out at press time, as the one cryptocurrency within the inexperienced.

LEO traded at $5.35 at press time, it was up by 2.76% over the past seven days although it tanked by 1.94% within the 24-hours. This makes it the one prime cryptocurrency that’s holding on to its weekly features. It traded as little as $4.86 within the first week of June and has been on an uptrend since; peaking at $5.60 on 10 June.

LEO’s worth motion means that it’s not correlated with the remainder of the crypto market. This commentary is not only in its weekly efficiency but in addition in its year-to-date worth motion. It achieved its lowest 2022 worth in January and its ATH of $9.30 in February. Its present worth means that it has not misplaced a lot from its ATH.

Supply: TradingView

On the each day chart, LEO was nonetheless buying and selling above its 50% RSI stage regardless of experiencing a major draw back within the final 24 hours. It additionally managed to remain above its 50-day and 200-day transferring averages regardless of the bearish circumstances in the course of the weekend. Nevertheless, LEO’s slight draw back means that there was a bit of sell-off after it briefly entered the overbought zone.

Will LEO bulls give option to extra draw back?

LEO’s market cap has been on the rise because the first week of June. It peaked on 11 June and has skilled some draw back since. Its provide held by whales dropped considerably within the final two weeks, resulting in divergence with the worth. This means that the worth is likely to be due for some extra downward correction.

Supply: Santiment

LEO’s provide distribution by steadiness of addresses paints a distinct image. It additionally explains why LEO has not been correlated with the remainder of the crypto market. Addresses holding between 100,000 and 10 million cash have decreased their balances considerably since mid-Could. Nevertheless, addresses holding over 10 million cash have proven little exercise and elevated barely.

Supply; Santiment

The provision distribution suggests that almost all LEO cash are centralized within the prime addresses. This explains why it has averted the affect of the remainder of the market.

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