Bitfinex’s utility token, LEO, stands out from the gang with optimistic strikes amid the market-wide downturn that suppressed most cash. It noticed an 8.69% value improve on the day and added 11.42% over the previous seven days, which positioned it among the many top-gaining cash on the final day.
LEO token’s transfer as we speak follows a constant value improve since June 20, after Bitfinex introduced a public grant to help the open-source improvement of Qubes OS in partnership with Tether, USDT stablecoin issuer.
LEO Outperforms Prime Cash With Current Motion
LEO’s worth didn’t solely strengthen towards the greenback however outperformed the 2 market forerunners, Bitcoin and Ethereum, by way of 24-hour value change. On the time of writing, LEO is up 9% towards Bitcoin and almost 8% towards Ethereum. The bullish momentum introduced in LEO’s value motion suggests a transfer to beat the $4 psychological degree.
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The token’s value stalled on the consolidation channel between $3.51 and $3.6 over the previous weeks. However at the moment, LEO is buying and selling at a low of $3.63 and a excessive of $3.93. Additionally, its bull-bear energy is impartial, indicating a fierce battle to prevail between the bears and the bulls because the histogram bars present lengthy inexperienced candle stick patterns.
Notably, the token has bounced off the 200 Exponential Transferring Common, indicating a golden cross, that means LEO is witnessing an upward pattern attributable to a robust shopping for curiosity. It additionally suggests the bulls are in motion to set off an additional uptrend.
The Relative Power Index (RSI) has exceeded 78, that means the asset is leaving the overbought territory. This transfer signifies that LEO’s value is approaching a swing rejection the place it may break its final report excessive.
BitFinex/Tether Grant Could Have Influenced LEO’s Worth Momentum
Qubes OS is a free, open-source security-oriented desktop working system that touts itself as a fairly safe OS. It permits customers to safe via compartmentalization. And Qubes OS goals to supply safety and enhanced privateness via isolation.
Bitfinex and Tether’s 100,000 USDT grant highlights went towards the corporate to help tasks that drive the event of safe and decentralized applied sciences.
In a press release, Paolo Ardoino, CTO of Tether and Bitfinex, stated the corporations acknowledge that privateness and safety are paramount within the digital age.
Additionally, the LEO token’s value transfer may have gained momentum via the temporary market rebound during the last 48 hours. As of yesterday, June 22, LEO closed with a 0.6% value improve when the worldwide crypto market capitalization improved by 3%. Though the market retraced barely, LEO’s momentum solely peaked, suggesting stronger market forces at play.
Featured picture from Pixabay and chart from Pixabay
