Well overdue for a WLEO analysis since price has launched for the 20's into the 40 cent range.
With just under two months of price action in the books still I'm going to look at the 4 hour chart (which finally fills the screen) to talk about price for a bit.
Just like ethereum and bitcoin the price of WLEO had soared in terms of USD. This is awesome because not all alts have run the same.
Price blew through the prior all time high of 28 cents to get 2021 off to the right start.
Best part is not only did it break that price but we saw price confirm the breakout when it tested the prior resistance as support and then took life a rocket!
If you look at the chart you will see I basically used the last consolidation as a new potential support. There was plenty of price action at the 36 cent level and we saw price hold and bounce of it a few times with the 4 hour candles.
Thus, that is my estimate of our potential support. You won't really see it on the daily chart as the price action doesn't really exist on the daily yet, and that is cus price has been go go go which I have no complaints with.
In the short-term, it really is a guess. You can do a measured move and based on that you see we had a run from roughly 28 to 38 before seeing consolidation and then 38 to 48 and we are now seeing a little consolidation.
If price can remain high and tight here then maybe, just maybe 58 cents will be coming in the near future. If price doesn't stay high and tight then I will eye that 36 level as support.
It would be hard to see price pullback hard if ethereum keeps pushing hard.
Posted Using LeoFinance Beta