• LEO Token price is struggling to find a floor price despite the recent crypto market upswing.
• The bulls are having a hard time holding onto tentative support at $3.35, with the risk of prices dropping to $3.00 and $2.00 respectively.
• The MACD and SuperTrend indicators show bearish sentiment, suggesting that further declines may be likely in the near term.
LEO Token Price Struggling to Find Floor
The LEO (LEO) token price has yet to find a bottom after suffering from significant losses since December 2020. At press time, LEO is trading at around $3.36, representing a 3% decline over the past 30 days. If current support levels fail to hold during Monday’s American session, there is a risk of LEO dropping down to $3 and even $2 in the near future.
Crypto Market Upswing Fails To Help
Despite Bitcoin (BTC) returning more than 30% over the same period, other cryptocurrencies have failed to benefit from this surge in value. This lack of momentum has weighed heavily on LEO’s performance as it struggles to remain afloat amidst growing bearish sentiment towards tokens outside of Bitcoin and Ethereum (ETH).
Technical Indicators Suggest Further Declines Are Likely
The Moving Average Convergence Divergence (MACD) indicator recently turned bearish after an uptrend attempt was rejected by resistance at $4 late last month. This signal was quickly reinforced by the MACD line slipping below 0 which could suggest that any attempts at recovery may be thwarted for now. Furthermore, the SuperTrend indicator remains above its current trading level which suggests that further losses are possible for LEO in the coming weeks or months ahead.
What Does The Future Hold?
It remains unclear whether or not support levels will hold during Monday’s U.S session however if they fail then it could spell further trouble for LEO holders as prices could potentially drop down towards key psychological levels such as $3 and even $2 respectively if enough selling pressure builds up over time. However, given Bitcoin’s strong showing lately it could be possible that some investors may start looking towards more speculative tokens like LEO again which would offer some respite from these recent losses suffered by holders of this digital asset class overall..
Overall, while bullish prospects appear likely for many cryptocurrencies given their current market conditions, this doesn’t appear to apply so much to LEO as technical indicators continue pointing downwards and sellers remain firmly in control right now – putting short-term gains into doubt until something changes drastically here soon enough..