LSK Price Analysis: Lisk at crossroads as it struggles to cope with bears

•LSK/USD is currently priced at $1.78 and has decreased by 3.47% over the past 24 hours

•The trading volumes have decreased by 16.69% in the last intraday session 

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•The technical indicators paint a neutral outlook for the coin in the short term

Short Term View: Lisk searching for support from bulls as it nears exhaustion

The Lisk token price today is $1.78 USD with a 24-hour trading volume of $5,400,063 USD. Lisk is down 3.47% in the last 24 hours. The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies observe negative price movements,lisk being one of them too. The Trading Volume has decreased by a fair amount in the past 24 hours while the Volume to Market Cap Ratio stands at 0.02325.

LSK made its all-time high on January 7,2018 where it reached an enormous amount of $39.31.The daily time frame continues to show a large broadening wedge pattern which is typically considered a neutral indicator and usually favor range-bound trading until a breakout occurs. The coin is trading below the 20 and 50 SMA on the daily chart which shows bearish momentum in the coin in the short term. The support for the coin is placed at $1.56 while the resistance lies at $2.3.

Long Term View 

The daily chart shows that the Lisk token price has been under pressure in the past few days. As a result, the coin’s price has moved slightly below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved slightly below 50. The MACD on the other hand,is about to enter the positive region and could signify a trend reversal so traders need to tread carefully while dealing with LSK. The histograms have been declining steadily which indicates weakening momentum of the recent bullish rally. The bears look to have taken over and the bulls need to be proactive in order to sustain the price levels and prevent them from a plunge even further.

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Conclusion

The recent cryptocurrency crash has taken a toll on Lisk as it searches for support from the wider cryptocurrency market. The coin is showing bearish momentum for the near term as the bears look to have taken over. However, there are chances of a trend reversal too as the MACD indicator is about to enter the positive zone.If the buying trading volume increases and the candle fixes in the area of $2, there is a chance of seeing the price of the main coin climbing to the zone of $2.5 next week.

Support: $2.3

Resistance: $1.56

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.