Lisk Price Analysis: Lisk Coin Subjects To Price Accumulation

Lisk Price Levels Are Expected To Have A Positive Breakout
  • Lisk price levels faced adequate consolidation throughout the month despite other altcoins discovered a new bullish regime 
  • The price levels have been moving between the price range of $1.00 to $1.50 
  • The LSK/BTC pair is also unable to hold above the crucial mark of 0.000040 BTC  

The weekly candlestick setup of Lisk (LSK) forms a symmetrical triangle pattern on the chart reflecting the accumulation of the price levels within the pattern. The price levels have now faced rejection for the third time during an attempt for a positive breakout. However, the area left within the pattern indicates that a volatile move is expected from the cryptoasset in the upcoming trading sessions. Multiple testing of the resistance level of $1.50 might help the bulls to have a positive breakout. A positive breakout will present the crucial bullish mark of $2.00 as the next target for the coin. The CMP is placed at $1.35 with an overall loss of 1.24% resulting in a downtrend of 1.25% for the market capitalization while the 24-hour volume traded had a fresh surge of 34.75%. The LSK/BTC pair also needs to showcase bullish momentum in the market by sustaining above the crucial mark of $0.000040 BTC.    

On the moving averages, 50-EMA might be still acting as a resistance line on a shorter timeframe while the price levels are now having a clear breakout above 20-EMA at the same time. Therefore, a clear positive breakout signal from 20-EMA which can be in the form of a bullish hammer might provide a lobby for the bulls. 

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The Moving Average Convergence & Divergence (MACD) has started to form bullish bars on the histogram while the levels look to climb above the histogram line. Overall, Lisk surely needs conversion of overall market conditions to bullish for having a positive breakout from the symmetrical triangle. Regular testing of the upper range of the pattern might put the bulls in the front seat.   

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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