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 of funding recommendation.

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

LEO- 1 Hour Chart

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

Supply: LEO/USDT on TradingView

On the time of writing, LEO had crossed above the $5.53 resistance degree and has retested it as help. Early in Might, the value noticed two lengthy candlewicks to the upside that examined the $5.7 degree as resistance. Subsequently, it is a degree that the value may very well be drawn to as soon as once more within the days to come back.

The market construction on the decrease timeframes was bullish. In late Might, LEO noticed a surge from $4.82 to $5.4, earlier than falling again to $4.82 a few days later. Nevertheless, since then, the value 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 may very well be doubtless for LEO.

Rationale

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

Supply: LEO/USDT on TradingView

The 2 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 might happen. Subsequently, it may very well be a greater possibility to attend for a dip to $5.4-$5.45 to purchase LEO.

The DMI confirmed a powerful 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 consumers. Nevertheless, the $5.7-$5.8 space is a inflexible resistance zone. Bitcoin’s path within the subsequent week might affect whether or not LEO sees a reversal or a bullish continuation within the subsequent few days.

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