LSK Showing No Signs of Price Revival Being Stuck in Consolidation

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • After facing major price pullback actions in the market, Lisk is showing no signs of revival in terms of price recovery. 
  • The cryptoasset can be stuck in a major price consolidation scenario if we don’t see any major positive pull in the upcoming days. 
  • The significant downtrend and consolidation was seen in the coin just after it broke above the crucial mark of $2.00

Lisk has been one of the most price consolidated crypto asset in the market for the past few days now. Currently, it is facing an overall loss of -0.50% bringing the current price to the level of $1.11. The market capitalization and 24-hour volume traded stand at $139,305,037 and $ 1,557,964 with no major changes respectively. The LISK/BTC pair is also facing a marginal loss of -0.71% bringing the current level to 0.00010340 BTC. 

Source: Coinmarketcap

The weekly chart of Lisk reflects on the ongoing price consolidation for the crypto asset which is followed by a wave of downtrend at regular intervals. It dropped from the price level of $1.20 to $1.05 at the starting of this month which indicates that it has been more volatile on the downside. Currently, the price levels are making effort to sustain above the crucial support level of $1.00. However, if the conditions and market sentiment towards LSK continues in the same way, the support level might look weak in front of the bears. 

Lisk (LSK) Technical Analysis 

Source: tradingview

The technical chart reflects on the magnitude of the downtrend faced by lisk during the past month. During September, the cryptoasset tried to maintain its bullish sentiment in the market and was successful when the price levels tested the support placed at 0.236fib level. However, during the second attempt of testing, the altcoin failed in doing so and got trapped into a price consolidation scenario since then. Only a positive momentum breaking above 0.236fib level can revive its hope for a significant price recovery action from here. 

RSI levels are also not looking very promising as they are showcasing negative nature. The levels currently stand at 43.31. 

MACD levels are also expecting a bearish crossover which may provide more negative momentum. The flatness of the levels clearly defines the consolidation it is stuck in. 

Resistance level: $1.20 and $2.00

Support level: $1.00 

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