LEO Technical Analysis: Fibonacci Level Fallout Rally Approaches $5.50

LEO coin price breaks below the 38.20% Fibonacci level, which may shortly fall to the 50% Fibonacci level close to the $5.50 mark. Key technical points: LEO coin price surpasses the $6 mark. However, the 50-day EMA acts as a barrier to the fallout rally. Finally, the 24-hour trading volume of Leo is $7.67 Million, marking a 12% rise. Past Performance of LEO LEO coin price shows a consolidation phase after the phenomenal bullish recovery of 122% in the early days of February 2022. The bullish rally ranged from $3.35 to $7.65, traveled within a fortnight. However, the correction phase dropped the prices back to the $5.35 mark at the 50-day EMA. The demand near the 50% Fibonacci level pushed prices above $6. Source-Tradingview LEO Technical Analysis LEO coin price shows a retracement below the $6 mark due to the double top breakout with the neckline at 38.20% Fibonacci level close to $6. However, the lower price rejection near the $5.75 projects a potential pushback to shake out leveraged sellers. The token price trades slightly higher above the 50-day EMA, but the double top breakout rally threatens a potential fallout. Nonetheless, the daily EMAs maintain a bullish trend in a favorable alignment which will act as support levels. RSI Indicator: The RSI slope shows a retracement from the overbought boundary as it breaks below the 14-day SMA and flattens above the central line. Hence, the indicator reflects a fall in the underlyin...