the LEO could spark a rally
Looking at side by side with BTC, the LEO crypto ranked 21st on CMC and looks like it has been following the lead of the market leader on the daily chart.
As BTC started rising last week, January 2024, from $38,774, 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 buyer's interest, it looks pretty clear that if the BTC sparks for the upside, the LEO could also possibly start forming 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, then a bearishness possibility could also come into the light; by breaking the $5.54 support, the breakdown could lead towards the nearest support of $4.75 and $4.00.
As BTC started rising last week, January 2024, from $38,774, 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 buyer's interest, it looks pretty clear that if the BTC sparks for the upside, the LEO could also possibly start forming 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, then a bearishness possibility could also come into the light; by breaking the $5.54 support, the breakdown could lead towards the nearest support of $4.75 and $4.00.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.