The broader cryptocurrency market isn’t performing as expected today, with many assets recording massive price corrections. The LEO Token price is also down at $3.34 now. The token recorded a 0.4% price decline on Sunday, February 20, and a 0.1% loss on February 20 and 21. The coin has a 1.2% 14-day decline and a 0.9% 7-day price drop.
Historical data shows that LEO price has not deviated much over the past few days from the 2-month high of $3.99 on December 19, 2022. The asset even recorded a 0.6% gain earlier today before dropping.
However, cryptocurrencies are unpredictable, and the next day might turn out well for LEO. The trends around the token and the analysis below could hint at its price action in the coming days.
Factors Sustaining LEO Token Price
Despite the recent downtrend, LEO Token’s current price was 317.77% higher than its 3-year all-time low of $0.799859 on December 24, 2019. However, LEO is 58.93% lower than its all-time high of $8.14 on February 8, 2022.
According to data from CoinGecko, LEO trading volume has observed a 107.50% increase from its past-day value. LEO’s trading volume is now $777,494 against the $422,722 recorded on February 21. The rise in trading volume signifies a recent increase in market activity, the most probable reason for LEO’s price performance.
Secondly, the global cryptocurrency market volume saw a 1.85% increase over the past day, showing a rise in investor activities. Today’s Fear & Greed Index is 59 (greed), a strong indicator of positive crypto market sentiment. It shows that many investors feel good about cryptocurrency and are bullishly buying assets.
According to CoinGecko, the community is bullish, with over 63% of users feeling good about LEO Token today. The bullish investor sentiments could be why LEO still holds its gains despite the downturn.
LEO Token Price Prediction, Will It Beat Bearish Downtrend?
LEO is down in the market today, forming a red candle on the daily chart. It has remained in a sideways trend since February 7, till date, despite mild price fluctuations. LEO is trading below its 50-day and 200-day Simple Moving Averages (SMA), a bearish signal in the short and long term.
Due to the bearish pressure, the SMA’s are moving downwards on the daily chart. LEO’s Relative Strength Index (RSI) is also at 43.69, close to the oversold region of 30. The indicator is pointing downwards, which might translate to further decline.
However, LEO’s Moving Average Convergence/Divergence (MACD) is slightly above the signal line. It indicates a short-term bearish sentiment with the potential of a bullish recovery if the buyers persist.
The support levels are $3.30, $3.31, and $3.35, with the resistance levels at $3.40, $3.42, and $3.46. LEO will likely trade around the $3.35 support in the short term before it rallies to test the $3.40 resistance in the coming weeks.
Featured image from Pixabay and chart from TradingView.com
