The entire crypto realm had a downward price structure and a decline in correlation to the market leader, Bitcoin. Bitcoin holds 53.4% market dominance at press time. Most of the other crypto assets are reacting to BTC’s price moves, and UNUS SED LEO (LEO) was also influenced.
Despite major crypto failing drastically, when BTC fell, the LEO investors were confident enough that they would not allow the LEO to deteriorate that much from its peak. Like BTC’s $60,450 support level, the LEO’s $5.540 support had proven robust. Despite bearish attempts, the support managed to keep a hold on for longer.
Furthermore, in the last few sessions, BTC and LEO declined below those critical levels, but buyers again pushed both cryptos upward and kept the level intact.
An Analyst Considers BTC Dip an Opportunity; Could It Be Optimistic for LEO Crypto?
On June 24th, Analyst Ali Martinez said about the past RSI activity in BTC that whenever it had touched an oversold 30 on the daily chart, a rally started perfectly from that point on. He further stated that, once again, the RSI exhibits that it is oversold. It shows that it could be a favorable moment for investors to consider buying Bitcoin (DYOR).
In the past two years, the #Bitcoin daily RSI has hit oversold territory three times, resulting in $BTC price surges of 60%, 63%, and 198%, respectively.
With #BTC now below $62,000 and the RSI in oversold territory again, it might be a prime opportunity to buy the dip! pic.twitter.com/JkJ4IgoeML
— Ali (@ali_charts) June 24, 2024
Similarly, based on the tweet, if buyers are looking at BTC price as a dip and have entered, an intraday surge of 1.15% on June 25th, 2024, could be a probable sign of a major buying to happen in the asset. That could trigger resonance with assets like UNUS SED LEO (LEO).
Volatility Chart Depicts LEO Stability at Current Levels!
The volatility chart of UNUS SED LEO exhibits the contrast between price and volatility (1W). It shows the price has been in equilibrium, but volatility has declined significantly.
Thus, it exhibits that the volatility is lower and the price is at support, illustrating the stability. Therefore, a major buying activity could occur in LEO crypto.
What Does the LEO Price Illustrate?
Looking side by side with BTC, the LEO crypto ranked 21st on CMC and has been following the lead of the market leader on the daily chart.
As BTC started rising from $38,774 in the last week of January 2024, the rally sparked to the top at around $74025 by mid-March 2024 and has been trading in a range thereon. Similarly, the LEO sparked a rally by the end of January from $3.77 support to the peak at $6.17 by March 18th and has been trapped in a range of $5.54 to $6.13.
Based on the buyers’ interest, it looks pretty clear that if the BTC goes upward, the LEO price could also initiate a bullish price action.
Therefore, in the bullish scenario, if the rally prevails by surpassing $6.17 (the previous resistance), the nearest targets would be $7.0 and $8.0.
However, if the BTC fails the $60,450 level, a bearish possibility in LEO could also come to light. By breaking the $5.54 support, the price can move toward the nearest support levels of $4.75 and $4.00.
In addition, major oscillators like MACD and RSI also hint at bullishness. The MACD has shown a bullish crossover beneath the zero line, and the RSI has taken support from 14-SMA.
Summary
The entire crypto realm went downward due to a drop in the Bitcoin price. Despite major crypto failing drastically, the LEO investors were confident enough that they would not allow the LEO to deteriorate that much from its peak.
An analyst is optimistic about BTC, and a spark in BTC price could trigger resonance with other assets like LEO. Meanwhile, the volatility chart of LEO shows that the volatility is lower and illustrates the stability in the price.
Based on the buyer’s interest, the LEO could initiate the bullish price action if the BTC sparks for the upside. Therefore, if the rally prevails, the nearest targets would be $7.0 and $8.0. However, if the breakdown appears, it could lead towards the closest support of $4.75 and $4.00. In addition, major oscillators like MACD and RSI are bullish.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.