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Bitfinex’s utility token, LEO, stands out from the group with constructive 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 at this time follows a constant value improve since June 20, after Bitfinex introduced a public grant to help the open-source growth of Qubes OS in partnership with Tether, USDT stablecoin issuer.
LEO Outperforms High Cash With Current Motion
LEO’s worth didn’t solely strengthen in opposition to 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% in opposition to Bitcoin and practically 8% in opposition to Ethereum. The bullish momentum offered 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 Shifting Common, indicating a golden cross, which means LEO is witnessing an upward development attributable to a powerful shopping for curiosity. It additionally suggests the bulls are in motion to set off an additional uptrend.
The Relative Energy Index (RSI) has exceeded 78, which 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 Might Have Influenced LEO’s Value 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 by way of compartmentalization. And Qubes OS goals to supply safety and enhanced privateness by way of isolation.
Bitfinex and Tether’s 100,000 USDT grant highlights went towards the corporate to help initiatives that drive the event of safe and decentralized applied sciences.
In an announcement, 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 by way of the temporary market rebound over the past 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
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