The past few weeks have not been kind to Leo. The cryptocurrency is seen to be trading at $0.97 which analysts believe is a critical point for the cryptocurrency and may initiate a major bearish season.
Leo Falls Below Private Sale Price For The First Time Ever
UNUS SED LEO (Leo) is the 13th ranked cryptocurrency on CoinMarketCap and has a market capitalization of $974.19 million. With a circulating supply of $999.50 million, just about $11.8 million of trading volume was recorded within the last 24 hours.
Leo began the week quite slowly. After plunging to the $1.05 level, the cryptocurrency further lost against market pressure to touch the $1 mark in the early hours of Sunday. However, Leo, before today has moved sideways, trading within the $1.05 to $1.01 range. As no critical break happened at major resistance or support levels, Leo maintained its short range-bound price movement until the early hours of today when it began to slip down the charts.
Slipping below its private sale price of $1, Leo has been bearish ever since and has plunged further towards $0.95. Loosing about $0.065 since yesterday, Leo has fallen drastically in price and recorded a 7% lose within the last 24 hours.
Community Response To Leo’s Price Action
Although many recognize the present crypto markets to be bearish and in fact expect the movement to continue for some time, it came as a surprise that major crypto-like Leo would perform so badly as to fall below the point where private sale investors now have to worry. On Twitter, many crypto community members are reacting in a lot of ways which express disappointments.
Larry Cermark, popular crypto figure, and director of research who works for The Block Crypto tweeted,
Price of LEO dropped below the private sale price of $1 for the first time today. pic.twitter.com/aoRic8DUeI
— Larry Cermak (@lawmaster) October 6, 2019
As Larry significantly made a show of pointing out that Leo crossed critical levels and made a major reference to its $1 private sale price, a point which Leo has now crossed, he was immediately trolled by his employer, Mike Dudas, a fellow popular crypto figure who disputed that Leo’s chart was lazy and biased.
Your chart is lazy, biased and corrupt Larry. Who funded this data set you plotted?
— Mike Dudas (@mdudas) October 6, 2019
Other comments suggested that Leo has most likely begun the first days of many more below $1.
Expect decades of below 1$ #shitcoin
— Stefanescu Liviu (@liviusa) October 6, 2019