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UNUS SED LEO (LEO) is trading at the $3 price level in 2023. It last traded at $4.21 on November 27, 2022. However, it attained its all-time high value of $8.04 on February 8, 2022. Here is a detailed long- and short-term price analysis for the token and its price action.
LEO Price Action And Technical Analysis
LEO traded on May 21, 2019, at $1.04 and recorded a gradual increase till it peaked at $8.04 on February 8, 2022, its all-time high value. Since then, there have been fluctuations in the asset’s price as it declined later in 2022 during the bear market.
It traded at $3.52 on January 1, 2023, and has stayed within that price range. Also, LEO broke above the $4 resistance level in 2023 despite some price fluctuations. Here is how it looks on the daily price chart.
LEO is trading in a sideways trend on the price chart today. It has remained in this trend since February 7, 2023. This trend means that the bulls and bears are evenly matched in the market and unable to change the price trend.
Also, the asset is trading below its 50-day and 200-day Simple Moving Averages (SMAs), a bearish outlook in the short and long term. The Relative Strength Index (RSI) is at 43.51, close to the oversold region of 30. The indicator is also descending on the chart, expressing a bearish sentiment.
LEO’s Moving Average Convergence/Divergence (MACD) is above its signal line but moving sideways, reflecting the current trend and neutrality. It means the asset’s price can increase or decrease depending on who exerts more pressure between the bulls and bears.
Its support levels are $3.30, $3.31, and $3.35; the resistance levels are $3.40, $3.42, and $3.46. The $3.40 resistance has proved difficult for the asset to surmount in February 2023. However, a rally is possible if LEO can turn this resistance into support.
What Is UNUS SED LEO?
UNUS SED LEO is a name coined from Aesop’s fables that means “one but a lion’. The concept of the name is simply quality over quantity. The developers are committed to creating scarcity in its supply, thus making it valuable for long-term holders. LEO is a token for iFinex, the parent company of the Bitfinex crypto exchange.
The initial coin offering (ICO) raised $1 billion. According to the developers, LEO is not a permanent cryptocurrency; therefore, they plan to buy back tokens until they are not in circulation. iFinex supervises the monthly burn mechanism, with the goal being to remove the tokens from mainstream circulation.
LEO helps customers receive discounts on trading fees. These discounts depend on the number of tokens the customers possess. It includes a withdrawal and deposit fee discount of up to 25% and a derivatives taker fee reduction on the network.
The tokens were issued to users on two blockchains. 64% of the original supply was on the Ethereum blockchain, while 36% was on the EOS blockchain.
LEO Price Prediction
LEO Price prediction 2023
The general crypto market seems to have recovered from the crypto winter of 2022. However, LEO is not expected to have spectacular gains, as most predictions for the year are conservative. Nevertheless, it will be moderately bullish in 2023 and attain $6.00 due to its correlation with other cryptocurrencies like bitcoin.
LEO Price Prediction 2025
LEO will still record price increases with fluctuations and pullbacks in 2025. However, it will likely grow in popularity and benefit from scarcity due to the token burns. This artificial scarcity will increase the token’s price and increase its value. Expect LEO to be worth above $12 in 2025.
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