4u Created
Image default

LEO Rebounds on Wednesday, Whilst AVAX Falls From 3-Week High – Market Updates Bitcoin News


Unus sed leo was one of a few gainers on Tuesday, as cryptocurrency markets mostly traded lower. Bearish sentiment returned to the global crypto market cap in today’s session, with prices down by 1.77% as of writing. On the other hand, avalanche was trading lower, as prices retreated from a recent multi-week high.

Unus Sed Leo (LEO)

Unus sed leo (LEO) was one of a few tokens to climb higher on Tuesday, as prices rebounded from recent losses.

Following a low of $3.78 to start the week, LEO/USD rallied to an intraday peak of $3.94 earlier in the day.

This comes after bears were unable to force a breakout from a key price floor of $3.75 on Monday.

LEO/USD – Daily Chart

As can be seen from the chart, the rebound in price coincided with the 14-day relative strength index (RSI) also bouncing from a support of its own.

The index rose from its floor at the 43.50 mark on Monday, and as of writing, is currently tracking at 49.12.

This is the highest point that price strength has hit in over one week, pushing it closer to a ceiling of 50.00 in the process.

Avalanche (AVAX)

Avalanche (AVAX), on the other hand, was one of many cryptocurrencies to move lower during Tuesday’s session.

AVAX/USD dropped to a bottom of $13.48 earlier in the day, which comes less than 24 hours after hitting a peak of $14.31.

Monday’s high was the strongest point that avalanche had traded at since November 10, when price was above $15.00.

AVAX/USD – Daily Chart

Today’s shift in sentiment comes despite the 10-day (red) moving average maintaining its upward crossover versus the blue moving average of 25 days.

Traders will likely make another attempt to move beyond the $14.40 point in upcoming days, as sentiment for now remains bullish.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect avalanche to hit $15.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Source link

Related posts

Warren Buffett’s Berkshire Hathaway Warns About Crypto Exchange Website Using Its Name – Featured Bitcoin News

FTX Collapse Has Rekindled Security and Reliability Concerns for Web3 Projects Says Marketing Expert – Interview Bitcoin News

Argentine Peso Loses Almost 12% Against the Greenback During January; Inflation Projected to Rise Sharply – Economics Bitcoin News