UNUS SED LEO (LEO) has been correcting since making a new all-time high at $8.14

The bears pulled the price below the 50% Fibonacci retracement level at $5.74 but the bulls are aggressively defending the 20-day EMA ($5.45). The rising 20-day EMA and the RSI in the positive territory indicate that bulls have a slight edge. If buyers drive the price above $6.24, the LEO/USD pair could attempt to resume the up-move. The pair could then rise to $7.

Conversely, if bulls fail to sustain the current rebound, the bears will sense an opportunity and try to pull the pair below the 20-day EMA. If they manage to do that, the sentiment could turn bearish and the pair may slide to the 61.8% retracement level at $5.18.

The 4-hour chart shows that the pair is range-bound between $5.52 and $6.24. The 20-EMA and 50-simple moving average have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. This balance will shift in favor of the bears if they pull and sustain the price below $5.52. The pair could then drop toward the 200-SMA. Conversely, if buyers push and sustain the price above the 50-SMA, the pair could rally to $6.24. The bulls will have to clear this hurdle to signal that they are back in the driver’s seat.