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Despite the bearish sentiment in the crypto market, the UNUS SED LEO (LEO) coin has extended its six-day bullish streak and hit the intra-day high around $5.82 level amid continued network progress. Despite the ongoing crypto market slump, LEO shows signs of strength and has gained additional positive traction around the $5.80 level.
The iFinex ecosystem makes use of the UNUS SED LEO utility token. Using a token burn mechanism, iFinex is committed to regularly repurchasing US SED LEO from the market. The amount acquired and burned represents at least 27% of iFinex’s earnings, and tokens are also purchased at market value.
The token burn mechanism will see iFinex buy back UNUS SED LEO from the market equal to a minimum of 27% of consolidated revenues of iFinex.
The burn mechanism will continue until 100% of $LEO tokens have been redeemed and no more tokens are in circulation.
— Bitfinex (@bitfinex) June 14, 2019
As a result, one of the main factors supporting LEO’s bullish trend is the network’s unique features. Furthermore, the staff’s dedication to the company’s goals is expected to ensure UNUS SED LEO (LEO) Coin’s future success. Meanwhile, trusted technology and privacy securities were other important factors in maintaining its good image among investors.
UNUS SED LEO Price Updates & Tokenomics
The global crypto market value fell 2.09 percent in the last 24 hours to $975.54 billion, putting the cryptocurrency market in a downward trend since the start of the new month. As a result, the bearish crypto market may limit the UNUS SED LEO (LEO) Coin’s gain. The current live price for UNUS SED LEO is $5.82, with a 24-hour trading volume of $4.3 UNUS SED LEO has lost 6.99% in the last 24 hours after gaining over 12% in the last seven days.
UNUS is now ranked 17th, with a market capitalization of USD 5,553,014,230. There are 953,954,130 LEO coins in circulation, with no information on the maximum supply.
LEO Under Pressure amid Bearish Crypto Market
The cryptocurrency market has lost money since the start of the new month, with the total market capitalization of all cryptocurrencies falling by 2.09 percent to $975.54 billion. Numerous cryptocurrencies experienced significant value drops, including the world’s largest cryptocurrency, Bitcoin (BTC), as well as Ethereum (ETH), XRP, Cardano (ADA), Solana, and meme coin Dogecoin (DOGE).
As a result, it was determined that one of the primary issues preventing future advancements in the UNUS SED LEO (LEO) Coin was the dramatic decrease in the value of cryptocurrencies.
US Nonfarm Payroll Under the Spotlight
The strong US dollar also limited the gains made by digital coins such as UNUS SED LEO (LEO) Coin. Investors began preparing for rising US interest rates, propelling the broad-based US dollar higher. Furthermore, the safe-haven US dollar benefited from the risk-off market sentiment, which tends to increase demand for safe-haven assets such as the US dollar.
Later today, investors will focus on the US nonfarm payroll, which may influence the price of LEO and other altcoins. According to Dow Jones, the economy is expected to have added 318,000 jobs in August, down from a startling 528,000 in July. The unemployment rate is expected to remain at 3.5% this year, with average hourly wages rising by 0.4% or 5.3%. So let’s keep an eye on it to see how the market reacts next.
UNUS SED LEO Pumps 12% – Technical Outlook
During the week, LEO displayed a strong bullish bias, reaching a high of $5.89. On the other hand, the triple top pattern acted as a solid resistance and pushed LEO lower. As a result, the LEO/USD pair has dropped nearly 7% in 24 hours.
LEO/USD Price Chart – Source: Tradingview
On the downside, LEO is likely to find immediate support at the $5.400 level, and a break below this level could send LEO prices even lower to the $5.02 support area. Because the RSI and MACD indicators indicate a bullish trend, we may see a bounce off above the $5.30 support zone.
That said, LEO’s immediate resistance remains at 5.89, and a break above this could extend the uptrend to $6.23 and $6.45.Good luck!
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