The iFiniex utility token, Unus Sed Leo, was only launched toward the end of May 2019 but has already managed to surge a total of 71% from the open to the current trading price. The utility token is designed to be used on the iFiniex platforms (including BitFinex) and was launched after a $1 billion sale that only took around 10 days to complete.
Unus Sed Leo has been launched both on the Ethereum and EOS blockchains - split by 660 million tokens on Ethereum and 340 million tokens on EOS. The Unus Sed Leo tokens are interchangeable between ETH and EOS and can be transferred seamlessly.
Unus Sed Leo is currently trading at a price of around $1.78 which give it a $1.78 billion market cap value putting it already in the 13th ranked position amongst the top cryptocurrency projects.
Analysing the 4HR Chart above - we can see the Leo surging during June to reach a high of around $2.00. After reaching this high, we can see that the market rolled over and started to fall toward the end of June and as July started. Leo continued to drop until finding support at the short term .5 Fibonacci Retracement level (drawn in green) priced at $1.66. Leo has rebounded at this position and is currently trading at $1.77.
So Should We Be Buying In Q3 2019?
Leo certainly has a lot of support behind it - especially after being able to raise $1 billion over the course of 10 days - not an easy achievement. The $2.00 level will also present some reasonable resistance moving forward. However, as this project is relatively young and a recent rebound has been seen, it does present a great buying opportunity for Leo.
Toward the upside - the nearest levels of resistance would be located at $1.80 and $1.81. Above this, higher resistance is then found at $1.88 (short term 1.272 Fibonacci Extension level) and $1.90. If the buying continues above $1.90 - higher resistance is found at $1.94 (1.414 Fib Extension) and $2.00. If the bulls can create a fresh ATH above $2.00 - higher resistance lies at $2.03, $2.10 and $2.15.
The RSI has also recently broken above the 50 level which is a promising sign as it indicates the bulls are in control of the market momentum.
In summary - buying Leo right now for Q3 seems like a great option. However, the $2.00 level may present some problems going forward so this will be a key area of resistance which will need to be broken to create fresh ATHs.