UNUS SED LEO Price Sees Bullish Cues Post Airdrop Hype, But Signs of Reversal Remain

PATNA (CoinChapter.com) — UNUS SED LEO (LEO) price rose by nearly 6.6% week-to-day to reach a daily high near $4.4 on Feb. 21. The increased investor interest in the BitFinex token likely comes from its recently announced airdrop.

The UNUS SED LEO airdrop, facilitated through DappRadar, would allow users a chance to claim free LEO tokens. To participate, users must connect their Web3 wallets, such as Metamask or WalletConnect, to the Ethereum mainnet and follow the claim process on DappRadar’s platform.

The developer team distributes LEO tokens to support engagement and liquidity in the crypto market. Security measures and verification of airdrop authenticity are crucial to protect assets.

DappRadar’s role in tracking decentralized applications and airdrop positions would likely help users aiming to expand their crypto holdings. However, the airdrop might not be the only cue attracting buyers to the LEO market.

UNUS SED LEO Trying To Confirm Breakout From Bullish Pattern

The UNUS SED LEO price has formed a bullish technical pattern called the ‘Ascending Triangle.’

A horizontal trendline that connects swing highs and an ascending trendline connecting swing lows form an ascending triangle pattern. Volume helps determine if a breakout is strong.

LEO price action within the triangle appears to be testing the resistance level multiple times before breaking out of the pattern this week. However, LEO price would need to continue rallying and paint another bullish candle to confirm the breakout.

Under ideal conditions, buyers would enter the market as the trendlines close the gap. As a result, the toke’s price would push above the horizontal resistance with heavy volumes.

Per the rules of technical analysis, the price target for a breakout is equal to the triangle’s height at its thickest point. If the triangle pattern pans out, LEO has a theoretical price target near $5.66, a spike of over 30% from current levels.

LEO Faces Overbought RSI Reversal Risk

Meanwhile, LEO price’s recent movement pushed its relative strength index into the overbought region, with a score of 73.93 on the daily charts. RSI is a momentum indicator measuring asset price movements to identify overbought or oversold conditions.

Traders often consider an overbought RSI level a bearish signal since the occurrence usually precedes a bearish reversal or consolidation phase for the underlying token. Hence, LEO price risks dropping to the support near $4.17 if the current rally pulls back.

Moreover, breaking below the immediate support might force LEO price to the 100-day EMA (blue wave) support near $4. In addition, the LEO airdrop could be bearish for the token since recipients were likely to book profits after receiving their airdrops.

Conversely, if the token continues rallying, LEO price would face resistance near $4.5. Breaking and consolidating above the immediate resistance might help the token target the resistance near $4.7 before corrections pare gains.