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WLEO Nearly Hit My Projected Price - Time for an Update on the 4 Hour Chart! by scaredycatguide

View this thread on: hive.blogpeakd.comecency.com
· @scaredycatguide ·
$12.41
WLEO Nearly Hit My Projected Price - Time for an Update on the 4 Hour Chart!
In my last post analyzing the price of WLEO we had seen price breakout and speculated on where price could go.

At that time price ran from 28 to 38 cents with a short consolidation and then 38 to 48, so with that said odds were a next level up to 58 cents made sense based on measured moves.

We can on so close with price just about clocking 56 cents (depending on which exchange you use to do the USD conversion) before the crypto sell off occurred this past few days.

## Price Consolidating...
![image.png](https://images.hive.blog/DQmYcCcbHp3tJ4UDeuaWo3axC3PJN7zhKAFDzXR58mzqjtg/image.png)

Looking at the 4 hour chart above you can see the prior moves we discussed.

##### The good news...

Price never dipped below 40 cents on this move before bouncing.  Now, we don't know yet if this is just a bounce or there will be some follow through so I'm not counting my chickens until I see WLEO above 50 cents again.

At that point it would be at the top end of the range, which is basically 51 cents to 36 cents and the all time high at 56 cents being the unicorn for now.

###### Consolidation is a good thing...

Let's say hypothetically that price bounces around in this 40 to 50 range, but hold above 36 cents.  That scenario would be perfectly fine as range bound trading after an aggressive move higher is certainly not bearish and can be viewed as sound price action.

The real tell will be what ETH does.  Any sell off in ETH will likely have WLEO testing the 36 cent level.  On the flipside, if ETH runs higher than a push to the all time highs is in the cards.

##### Catalysts of its own...

Plus, leofinance has some big things in the works that can create its own price catalyst, so there is always that as a buffer to whatever direction ETH is pulling.

And that is about it folks, pretty simple analysis this go around after WLEO made the run at the last projected target.

I'm in wait and see at the moment before putting out the next price prediction.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@scaredycatguide/wleo-nearly-hit-my-projected-price-time-for-an-update-on-the-4-hour-chart)
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@alokkumar121 ·
> Price never dipped below 40 cents on this move before bouncing. Now, we don't know yet if this is just a bounce or there will be some follow

This is so good that you got good ROI and with Leo I am also in good profit. I have long term goal with Leo and still think that this is just the beginning and we are going to see much more with LEO in 2021. 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@alokkumar121/re-scaredycatguide-7utjxx)
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@belemo ·
Sounds bullish. I'm erect. Sorry, ready 

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@bitcoinflood ·
LEO $150 2021? LETS GO :)

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@scaredycatguide ·
I'm retired at $15!  But $150 sounds good.

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@deflacion ·
I understand little about graphics, but I hope to see the price of wleo a little higher during the next updates

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@gandhibaba ·
Wonderful perspectives here. Well done.

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@khaleelkazi ·
In other words, moon?

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@nathanmars ·
I need to get into $wLEO 

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@belemo ·
$0.03
Time to wrap that Leo bro

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@belemo/re-nathanmars-2cndmq)
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@poshbot ·
https://twitter.com/shortsegments/status/1353297109307416576
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@rob23 ·
I've been telling people I know to begin investing their time in LeoFinance. I would love a well timed consolidation so that I can add to my bag. Great article, I hope you're right about the new catalysts.

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@shortsegments ·
Thanks, I am really trying to improve my charting and technical analysis skills, so this helps.

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@scaredycatguide ·
Cool deal.  Glad it helped man!

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@yuriitonkov ·
Hi! I think in the case of the WLEO/USD chart what we are seeing is actually a reflection of the ETH/USD price.
I think it would be much more useful to analyze the chart against ETH in this case. 

Following this I ask you a question if I may. Why has the price of LEO been linked in this way to the price of ETH? I understand that it has been since it has been linked to WLEO, but I do not quite understand the mechanics of this happening, I do not know if you know why it is. 

In any case good analysis and thanks for sharing it. Regards.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@yuriitonkov/re-scaredycatguide-2ulxak)
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@khaleelkazi ·
WLEO and LEO are priced against ETH because the primary exchange and deepest source of liquidity is the WLEO-ETH pair on Uniswap.

If you imagine, for example, that we used -WBTC as our base pair instead of ETH (or that a new pool for WLEO-WBTC was established and much bigger than -ETH), then our WLEO/LEO price would be pegged to Bitcoin instead.

In USD terms, when ETH rises, so too does WLEO (and LEO, of course since the two are the same currency on different blockchains). 

Analyzing against ETH in the charts will simply show our performance against ETH. Most people don’t care as much for this base pair in terms of analysis because we all look at fiat denominations.

Many in crypto, for example will denominate all cryptos in SATs. Same concept.

The vision behind pegging WLEO to ETH is playing out accordingly. WLEO moves with the rest of the crypto market - in USD terms - that is now our base price function.

The key from here is now to increase demand for wLEO to be purchased and hodl’d... if we want to outperform the broader crypto market in fiat terms, then we need to develop better apps and more users. This will allow us to actually not only swing with the broader market, but surpass the % fluctuations in raw terms.

Hope this helps. In short, pegged to ETH = WLEO moves with the alt market in USD terms. More development/growth = more demand = outperform alt marky. 

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@scaredycatguide ·
Boom!  There you go @yuriitonkov 

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@shortsegments ·
Thanks, now I need to figure out how to tweet this with the graphs!

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@yuriitonkov ·
Thank you, great explanation.
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@scaredycatguide ·
Yes agreed, as ETH goes WLEO goes for the most part.
Khal explained this much better on a post or on one of the calls I believe.  Sadly, my memory is alluding me to the exact mechanics.   

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@forexbrokr ·
Hey @khaleelkazi, can you give a quick summary of why here?

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