For Leo Investors $5.2-$5.3 Area Will Be A Region Of…

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

Bitcoin crashed previous a number of necessary assist ranges previously two days, however in the identical time interval, LEO solely noticed a pullback on its uptrend from early June. Was this an indication of power for LEO?

The value was buying and selling at an necessary demand space at press time. Some respite for Bitcoin from the promoting strain might nicely see LEO soar increased on the worth charts within the days to return.

LEO- 12-Hour Chart

LEO breaks past a bearish order block, retests it as demand- can it push higher?

Supply: LEO/USDT on TradingView

The Fibonacci retracement ranges (yellow) confirmed that the worth was above the 38.2% retracement degree, nevertheless, it noticed massive wicks that noticed LEO momentarily drop to the $5.1 mark. Nevertheless, a buying and selling session shut beneath the $5.26 degree, the earlier increased low, wasn’t seen.

Earlier than the beneficial properties of late Might and June, LEO had been toiling in a downtrend. Within the final week of Might, the worth broke previous a decrease excessive at $5.2 and pushed increased to $5.43, earlier than seeing a deep pullback to $4.9. But, in doing so, the longer-term construction was flipped to bullish.

And, that’s the way it stays. From late Might, the worth has set increased lows. Within the days to return, a session shut under $5.26 might be ominous for the bulls. Equally, if the worth can push previous the $5.58 degree, it could seemingly attain $5.79 earlier than a pullback on its uptrend.

Rationale

LEO breaks past a bearish order block, retests it as demand- can it push higher?

Supply: LEO/USDT on TradingView

The indications confirmed the asset having bullish momentum. The H12 RSI retested impartial 50 as assist and gave the impression to be shifting upwards as soon as once more, simply as the worth itself finds assist on the beforehand bearish order block.

Therefore, there may be some suggestion that the earlier provide zone has now been flipped to demand, and a transfer upward might be seen. The MACD was additionally nicely above the zero line, though it shaped a bearish crossover to point a pullback.

The A/D, alternatively, has been on a gentle downtrend and confirmed that the promoting quantity has been heavy. The CMF has additionally been under -0.05 within the month of Might, to indicate vital promoting strain. Nevertheless, the CMF managed to climb again above +0.05, whereas the A/D moved sideways on the charts.

Conclusion

The indications weren’t in agreement- though momentum was with the bulls, there was not regular nor vital shopping for strain to maintain a rally upward. The $5.2-$5.3 space stays a area of demand. Regardless of the shortage of demand, LEO might push increased as soon as extra.

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