LSK Technical Analysis: Price Reversal After Fall Below $6.79
Lisk is a blockchain technology-based application platform. This is a Proof-of-Concept (PoS) based blockchain network and the Lisk community has developed myriad decentralized apps on this platform for various industries. LSK is the prime governance token of this ecosystem.
On April 30, 2021, LSK started trading at $5.30. On May 6, 2021, LSK closed at $6.92. Thus, in the past week, the LSK price has surged by roughly 30%. In the last 24 hours, LSK has traded between $6.91-$9.42.
Day-Ahead and Tomorrow
Currently, LSK is trading at $7.67. The price has risen from the day’s opening price of $6.91. Thus, the market seems to be uptick.
The MACD and signal lines are negative. Hence, the overall market momentum is bearish. However, both the lines are close to the zero line and may turn positive soon. Moreover, a bullish crossover by the MACD line over the signal line has occurred too. Thus, we can expect the price to continue its upward journey with intermittent price pullbacks.
The RSI indicator is currently at 62% and continues to rise. This implies that buying pressures are increasing. Thus, the RSI indicator is giving further credence to a positive trend shown by the MACD oscillator.
However, the OBV indicator has steeply fallen. This implies that selling pressures are greater than buying pressures. There is a bearish divergence here. Heavy offloading activity will push the crypto price downwards.
LSK Technical Analysis
In a nutshell, when we look at all the oscillators together, we can say that a price pullback is on the horizon. Thereafter, we have to wait and watch whether a bearish trend reversal occurs, and the price resumes its upward momentum.
The price is currently above the Fibonacci pivot point of $7.75. It may fall below the pivot point and further below the first support level of $6.79. Thereafter, we have to wait and watch to see if the price starts rising again.
The price has tested and fallen below the 50% FIB retracement level of $8.16. By day end, if the price surpasses the 23.6% FIB retracement level of $8.83, we can say that the price uptrend is strong and likely to continue tomorrow as well.