Unus SED Leo Outlook: LEO Displays Strong Potential for Positive Shift

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UNUS SED LEO (LEO) is displaying signs of recovery despite its downward trajectory since reaching its all-time high of $5.26.

LEO has recently gained support at $3.52. However, the struggle for price control between the bulls and the bears has forced the buyers to give up, leading to the price decline over the past day.

As of 6:05 a.m. EST at the time of writing, LEO is trading at $3.71, reflecting a 0.38% drop over the past 24 hours, according to Coinmarketcap.

LEO Bears Take Advantage of the Descending Triangle

LEO/USDT Chart Analysis. Source: Tradingview.com — LEOUSDT Chart Analysis. Source: Tradingview.com

The LEO price is currently witnessing a struggle between bulls and bears, resulting in a tug-of-war scenario. However, the $3.52 support level has served as a robust anchor for the bulls, allowing them to regroup and propel the price toward the upper boundary of the descending triangle.

The recent surge in LEO’s price appears to be a short-term development, as the price encounters resistance at the upper boundary of the descending triangle, enabling bears to drive prices downward.

The upper boundary of the descending triangle holds significant importance in price dynamics. Furthermore, the price remains positioned below the 200-day moving average, indicating the firm control exerted by bears over LEO’s price.

The crossing of the 50-day moving average lends support to the short-term bullish outlook.

Additionally, the 50 SMA serves as immediate support for LEO’s price, further reinforcing the short-term bullish sentiment.

The relative strength index (RSI) confirms the prevailing bullish sentiment, hovering around 59, signifying LEO’s neutrality. Should the bullish sentiment persist, there is potential for the RSI to enter the overbought region, reaching the 70 mark.

LEO On Verge Of Short-Term Bearish Downturn

Based on this analysis, LEO appears to be on the verge of a short-term bearish downturn that could drive it down to the $3.23 level. However, if the price manages to ascend above the 200-day moving average, it could provide the impetus for the bulls to target the $4.2 resistance level.

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