LISK Sheds Farfetched Gains & Draws a Bearish Crossover
Lisk is DPoS based smart contract platform working to provide enterprise solutions by way of blockchain for more than four years now. The ecosystem of Lisk offers a great opportunity to fetch the benefits of blockchain technology through developer tools, cryptocurrency wallets, and a quivering community.
LSK, the native token, appears to move towards intraday bearishness due to daily corrections and waived off gains after hitting 6-month resistance above $2.15, while currently trades at $1.66.
Lisk Price Analysis
Lisk, at the press time, was seen shedding gains after a bullish crossover above the upper Bollinger Band with a positive candlewick. Moreover, LSK has strengthened with a stupefying momentum over the past six months now after testing the YTD supports as low as $0.49 in March 2020. As per the current trading momentum, Lisk has gained over 230% as it trades above $1.5 notably.
After an intraday pullback and bearish candle formation on the 2-day chart, LSK/USD is gradually plummeting below the upper Bollinger Band but is holding support from MA50 & MA200 at $1.36 & $1.07 respectively. We predict moderate near-term volatility as per the formation of Bollinger bands.
The MACD of LSK is moving towards an interaction for a bearish divergence after a notable positive sentiment due to a lack of daily momentum. The RSI is at 55.20 and has nosedived from the overbought zone after losing the farfetched daily returns.
