LEO Chart Looking Very Strong
One of the things that is important for a chart is to see consolidation periods. This is where the market digests previous moves, especially if they were quick.
The LEO chart is looking very strong. Some were worried that the ascension was too rapid. The chart is telling another story.
For near a month, the price was living under .05 HIVE. There was a short period where it popped up yet quickly returned. This formed a nice channel.
After that, we saw a breakout to the first level shown on the chart as (1).
Here is where we remained for a 5 days. We held the .07 level which was a preview of things to come.
This was followed by a big step up to the .15-.20 range. Here was the rapid price action that raised some concern. Fortunately, the period was for 10 days as shown by (2). It was an important time period for the market to digest the big move from under .10.
Finally, we saw the jump over .20 where we resided for the past 5 days. This is shown by the (3) on the chart. Ultimately, we would like to see a few more days remaining in the same range for the market to fully process the previous move.
The "stairway" pattern is very encouraging. This is a great way for a market to move higher. We know there is not a lot of liquid LEO available on the market. That said, it is not healthy to have a chart where prices head straight up. That is usually grounds for an impending pulling, often just as fierce as the run up.
What is also encouraging is the amount of LEO changing hands.
The volume over the past week has been strong. According to the 24 hour volume, LEO is ranked 3rd. It has consistently done over $1,000 each day.
As for the Depth chart, we see it still holding strong.
We can see, it takes a little over 2,000 HIVE to push things to over the .30 level. Obviously, we can see sell walls change but this is also very encouraging.
Price does not always tell the story since markets have minds of their own. In this instance, it appears the pricing action is reflective of the fact more people are getting active with LEO and looking to add to their stake.
With such a low float that is not staked, it is likely we could see higher levels if the number of people using the front end keeps growing. We are also seeing a lot of updates from the LEO team which helps to keep the motivation of the community.
It will be interesting to see what the next month holds.
If you found this article informative, please give an upvote and rehive.
gif by @doze
Posted Using LeoFinance
