Bitfinex’s utility token, LEO, stands out from the crowd with positive moves amid the market-wide downturn that suppressed most coins. It saw an 8.69% price increase on the day and added 11.42% over the past seven days, which placed it among the top-gaining coins on the last day.
LEO token’s move today follows a consistent price increase since June 20, after Bitfinex announced a public grant to support the open-source development of Qubes OS in partnership with Tether, USDT stablecoin issuer.
LEO Outperforms Top Coins With Recent Action
LEO’s value did not only strengthen against the dollar but outperformed the two market forerunners, Bitcoin and Ethereum, in terms of 24-hour price change. At the time of writing, LEO is up 9% against Bitcoin and nearly 8% against Ethereum. The bullish momentum presented in LEO’s price movement suggests a move to conquer the $4 psychological level.
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The token’s price stalled at the consolidation channel between $3.51 and $3.6 over the past weeks. But currently, LEO is trading at a low of $3.63 and a high of $3.93. Also, its bull-bear power is neutral, indicating a fierce struggle to prevail between the bears and the bulls as the histogram bars show long green candle stick patterns.
Notably, the token has bounced off the 200 Exponential Moving Average, indicating a golden cross, meaning LEO is witnessing an upward trend due to a strong buying interest. It also suggests the bulls are in action to trigger a further uptrend.
The Relative Strength Index (RSI) has exceeded 78, meaning the asset is leaving the overbought territory. This move indicates that LEO’s price is approaching a swing rejection where it could break its last record high.
BitFinex/Tether Grant May Have Influenced LEO’s Price Momentum
Qubes OS is a free, open-source security-oriented desktop operating system that touts itself as a reasonably secure OS. It allows users to secure through compartmentalization. And Qubes OS aims to provide security and enhanced privacy through isolation.
Bitfinex and Tether’s 100,000 USDT grant highlights went toward the company to support projects that drive the development of secure and decentralized technologies.
In a statement, Paolo Ardoino, CTO of Tether and Bitfinex, said the firms recognize that privacy and security are paramount in the digital age.
Also, the LEO token’s price move could have gained momentum through the brief market rebound over the last 48 hours. As of yesterday, June 22, LEO closed with a 0.6% price increase when the global crypto market capitalization improved by 3%. Although the market retraced slightly, LEO’s momentum only peaked, suggesting stronger market forces at play.