Exceptions are not examples but sometimes they make the portfolio glide to new highs. LEO investors could very well connect to this sentiment as this token scales for the moonshots. It has rallied 55% against US dollar, and even outsmarting BTC and ETH in the bear bloodbath.
Why is LEO Pumping?
LEO was created to counter dubious representation of the BitFinex exchange to hide losses. Its noble use-cases have attracted a lot of media attention and lately users have turned wary to use BitFinex due to the rumors of assets not having adequate peg . Hence prompting them to look for alternatives and LEO fits in this bill.
Rally of the LEO Token
A 300% rally would entice any investor; nonetheless, much of that looks highly overrated for long term sustainability. LEO’s price hasn’t made steady gains. On the contrary, it is cyclical and showing signs of a burnout. For example, there are higher lows in formation despite the rally. On top of this, higher lows and lower highs for RSIs do not mix well with the macros. Hence, there’s a healthy narrative to suggest that an overbought zone is in formation. That said, we can most likely see the breakout subside and the token may be up for the fall.
However, even that call gets rejected since it has invalidated a claim below the bearish rejection.
As you can see from the chart, the June 18 candles of the cryptocurrency suggest that there was a healthy 59% jump in the price. This has compelled the market to go off the roof. That said, will there be a breakout or price reversal? If LEO could maintain the $5.52 price levels, we could see a further upside. However, if prices fall below that, we could very likely see a reversal and everything will get invalidated.