- LISK price has shown phenomenal growth of 120% in the last month.
- ADX is at 64.13, indicating a firm trend in the daily timeframe
- RSI is at 70.46, indicating the coin is overbought in the daily timeframe.
LISK price shows strong support zones near Fibonacci level 0.236 and 0.382, respectively. The current resistance level is $6.76. The volume of the coin has been declining for a few days now. The market capitalization has grown from $388,372,442 to $783,799,186 and the current volume is of $183,519,337.
Lisk price is forming an ascending triangle in a 4-hour timeframe. As long wicks are present, another price dip till the trend line could be expected before any decisive movement. A resistance level of $6.72 could also be an entry area if the prices break this level. An up move of 10-15% could be expected in either case.
In the bigger picture, i.e., daily timeframe, the Momentum of the coin is high, and ADX at 64.13 indicates a strong uptrend, but in contrast to this, RSI is at 70.46, meaning the coin is overbought. It can be thought the price could give some retracement back to previous support levels.
The coin volume is also contracting for a few days now, which could also add points to any retracement ideas. But increased buying volume could also cause a sudden upside movement.
In both the timeframes, the price is above 50 EMA (yellow) above 200 EMA(white), which indicates an uptrend in the coin.
CONCLUSION
One must wait until a decisive movement is observed either from the breakout of ascending triangle pattern or the $6.72 level.
Technical Levels
SUPPORT – support zone of $5.68 to $.582 and $4.78 to $4.98, Trendline of ascending triangle
RESISTANCE – $6.32(resistance level of ascending triangle) and $6.72(recent high)
