LEO Price Jumps 0.29% to $3.91: Key Takeaways for Traders on September 2nd, 2023

The price of UNUS SED LEO (LEO) has seen a slight 0.29% increase over the past hour, bringing it to $3.91 at the time of writing on September 2nd, 2023. With a market capitalization of $3.62 billion, LEO remains a top 50 cryptocurrency by market cap. In this technical analysis, we'll look at the key metrics around LEO's price, trading volume, and market performance over the past day, week, month, and 6 months.

Summarizing the data, LEO's 24-hour trading volume currently stands at $204,980. Over the past day, its price is up a marginal 0.32%, over the past week it's up 1.78%, while over the past month it has decreased by 0.89%. However, zooming out to the past 6 months paints a different picture, with LEO price increasing a solid 17.36% in that timeframe.

Traders may be wondering whether this recent upward price trajectory can continue, or if LEO is due for a pullback. To try and determine that, let's analyze the key support and resistance levels.

Revisiting LEO's Support and Resistance Levels

Looking at the price chart, LEO has struggled to break past the psychological resistance at $4.00, getting rejected multiple times over the past few months. This indicates strong selling pressure exists around this price level.

On the flipside, LEO has found reliable support around $3.75. This support level has held strong over the past month whenever the price has pulled back.

For LEO to confirm a bullish breakout, it needs to cleanly break past the $4.00 resistance on high volume. Alternatively, a break below $3.75 could signal a bearish reversal.

Zooming out to the weekly chart, the 50-week simple moving average near $3.65 represents the next key support zone to watch if $3.75 is lost. As long as LEO holds above the 50-week SMA, the intermediate trend remains bullish.

LEO Price Prediction for the Next 6 Months

Given the multiple rejections at $4.00 but the reliable support found at $3.75, my prediction is that LEO will remain rangebound between $3.75 and $4.00 over the next 3-6 months. I expect LEO will make several more attempts to break past $4.00, but ultimately face selling pressure.

The one caveat is if Bitcoin sees a large bullish move above $25,000, this could provide the catalyst LEO needs to break out above $4.00. With Bitcoin dominance falling in 2023 so far, major altcoins like LEO have benefitted. If Bitcoin's price starts strongly trending up, it could lift all altcoins higher.

Barring that scenario, I anticipate LEO will continue trading sideways for the next several months as it builds energy for its next major move. Patience will be key for LEO traders, as choppy consolidation periods present great scalping opportunities.

Will LEO Reclaim Its All-Time High This Year?

LEO hit its all-time high price of $5.29 in May 2021, over 2 years ago. Since then, it has struggled to reclaim that level. This begs the question - does LEO stand a chance of hitting a new ATH in 2023?

There are several factors that lead me to believe LEO can in fact set a new all-time high this year. Firstly, from a technical perspective, LEO is still in a long-term uptrend dating back to early 2020. Past price action shows LEO can experience powerful bull runs once it gathers momentum.

Additionally, LEO benefits from being the native token of the Bitfinex exchange. With crypto adoption still rapidly growing globally, Bitfinex's userbase and trading volumes are likely to expand. This natural demand for LEO as the exchange's utility token could drive prices higher.

However, LEO may need the help of an altcoin season, brought on by Bitcoin breaking out, to reclaim its highs. If Bitcoin trades flat this year, it might be difficult for LEO to gain enough momentum on its own. But with the crypto markets ever-changing, an exciting 2023 likely lies ahead.

What Will It Take for LEO To Reach the Top 10 Cryptos?

As the 27th ranked cryptocurrency by market cap, can LEO realistically rise into the top 10 in the future? It would be an ambitious leap, but still possible under the right circumstances.

For starters, LEO would need to see massive growth in adoption and daily trading volumes. Increased utility and transactions would drive up demand for the token. Exchanges like Bitfinex promoting and incentivizing LEO could accelerate its usage.

Additionally, speculation around LEO on the retail side could propel prices if the narrative around Bitfinex and LEO catches fire. This would require major marketing campaigns and influencer coverage of LEO across social media platforms.

Finally, broader bullish momentum in the crypto markets tends to lift all altcoin prices. If Bitcoin enters a mega-bull run above $100k, it could create spillover FOMO into large-cap tokens like LEO. With its solid track record and technical strength, LEO could seize that momentum to surge up the ranks.

Though the top 10 seems a distant goal, in the rapidly evolving and speculative crypto sector, LEO has as good a chance as any altcoin to ascend over time. The key will be growing actual utility and gaining wider exposure to drive up capital inflows.