Unus Sed Leo (LEO) saw a 1.22% price increase over the last 24 hours, bringing its value up to $3.73 at the time of writing. With a market capitalization of $3.44 billion, LEO remains a top 50 cryptocurrency by market cap. In this technical analysis, we'll explore the key metrics behind LEO's latest price movements and uncover insights into where the asset could be headed next.
Starting with a bird's eye view, LEO has seen decent growth over the past 6 months, gaining 10.66% in value. Zooming into the last month paints a different picture, with LEO down 5.08%. This indicates some recent bearish sentiment, though the coin seems to be rebounding over the past day.
Looking at the volumes, LEO traded $223,400 worth of coins over the past 24 hours. This points to relatively low liquidity and trading activity compared to top tokens like Bitcoin and Ethereum. Low volumes could make LEO more susceptible to volatility and price manipulation by whales.
Now diving into the hourly and daily percentage changes, LEO has remained consistent with its 1.22% growth over both time frames. The lack of divergence between hourly and daily returns suggests the price uptick isn't just a short-term spike. LEO holders have also enjoyed 1.77% returns over the past week.
Stepping back and reviewing the past 6 months, LEO reached an all-time high of $5.26 in March 2023 before declining to around $3 over the summer. The coin has found stability and support around the $3.50 level recently. With its current positioning, LEO appears primed for a potential breakout back towards its previous highs.
LEO Price Prediction for the Next 6-12 Months
Based on this technical analysis, I expect LEO will trade rangebound between $3 and $3.50 over the next 1-2 months. If LEO can break through resistance around $3.75, its next target is the psychological $4 level.
Looking ahead to 2024, I predict LEO will rally to new all-time highs above $5.26. As adoption and usage of the LEO token increases, this will positively impact its value. LEO's circulation supply also gradually decreases over time, acting as a deflationary mechanism that could boost prices.
Some potential catalysts that could fuel a LEO breakout include new exchange listings, partnerships, or network upgrades and developments. On the flip side, bearish macroeconomic factors like rising interest rates or regulatory crackdowns could delay LEO's climb back towards its peak. But overall, the technicals and fundamentals point towards an upbeat long-term outlook for this top 50