Lisk Price Analysis – LSK/USD
Let us not forget that the macro factors from around the world and of course the strong bearish pressure have caused a drop in current value by making it the lowest low of the day before exhaustion set in.
Now let me elaborate more about the LSK/USD pair as follows:
Since both moving averages have declined significantly that signals a negative sign. With this, the falling 20-day EMA signifies that the bears have the upper hand since the LSK remains in a bearish trend in its medium-term outlook. While no bullish patterns that we can analyze as of now as since mid-August the value has been declining significantly, hence, it is best to remain on the sidelines until the next “uptrend” observed in the market. Traders and all those community users that involved in trading activities actively should wait for the trend to reverse and a bottom to form before initiating any long positions in it. The 20-day EMA states that the balance is tilted in favor of sellers. However, those who like to invest in this cryptocurrency, the current fall offers an excellent opportunity to invest in the long term.
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The LSK remained range bound from August 14 to October 28 this year, as the cryptocurrency rallied from a low of $2.59 to a high of $6.28 which is a 142 percent within 14 days. Amid this, the LSK stayed in the range of $2.81-$2.97 from October 14 to November 14 as we can quickly analyze from the graph above, and since then the bears broke that level and experienced fluctuated downtrend in value.
If bulls succeed in rising and sustaining above the $1.21 and create “uptrend” in value (i.e., traded above the EMA), the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $1.30.