- LSK price has approached the vertex of a pennant pattern
- LSK pattern can zoom further by $2.31 i.e. 70% (Calculated from pole of pennant pattern)
LSK price has approached the vertex of the pennant pattern, which can surge it by 70%. However, the volume analysis suggests some caution as the volumes and shows equal buying and selling pressure. The market cap and 24-hour volume are $421,704,305 and $58,373,395 respectively.
LSK Price Testing 50% Retracement levels
LSK price has made multiple bottoms on the 50% Fibonacci levels, followed by a bullish spinning top, suggesting a possible commencement of a bull run. The volume is low, followed by equal buying and selling volumes; hence the coin may consolidate at the current levels.
The price is below 20EMA($3.39), possible resistance, while sustaining above the 10EMA and 50EMA, which buttresses the price at $2.78, $2.66, respectively.
The Bollinger Band favors a mild bullish momentum as the lower band is contracting, whereas the upper band is still surging. The median(10EMA) provides support at $2.78, followed by the lower band at $1.43, and the upper band is restricting the prices at $4.13.
The RSI is at 71.57 but still surging upwards. The probability of a long bull run is low considering the RSI. The resistance for the indicator is expected at 80, followed by 90.
The MACD(8,21,5) is on the verge of giving a sell signal as the divergence formed between the signal line and slow line gas contracted due to the consolidation. The fast line can still take support from the slow line and commence a follow-up rally.
Conclusion –
LSK price is forming a pennant pattern, which further pushes the coin by 70%. The coin is making a bullish spinning top, but indicators appear to be more warning signs than a buying one.
Support: $2.66-$2.78(10EMA and 50EMA); $3.00 and $2.65(Fibonacci levels) and $1.43(lower BB)
Resistance: $4.05 and $5.00(Fibonacci levels) and $4.13(Upper BB)