- Lisk Token has been trading in a downward channel since August 2021, the coin is now at the support zone of the channel
- The coin formed a bearish crossover and the averages are diverging further
- RSI indicator is signaling neutrality on the hourly chart
Lisk Token has been on a downward sloping parallel channel over the last 5 months. The token has formed the bearish Moving Average Crossover on the daily chart in early December. The Moving Averages are diverging indicating a continuance of the downward trend. The volumes for the coin have been declining on average. The coin has formed a double top with the downward sloping trend line of the parallel channel. The coin is currently testing the support zone of the parallel channel and the coin’s price action at this zone is crucial for any directional changes.
Lisk Token is trading in downward sloping parallel channels on the hourly chart as can be seen on the depiction above. The Token was in a downward channel between 23rd December and 6th January before it broke the support trendline to form an adjacent parallel channel with the earlier support trendline as the resistance level. The Relative Strength Index indicates neutrality for the token, hovering around the 50 levels on the RSI chart. The coin looks to continue the downward momentum with no significant reversal signs visible on the technical charts.
Conclusion:
Lisk Token has been trading in downward sloping channels for several days as can be seen on the hourly charts. The coin is at the support zone of a 5-month-old parallel channel. Traders can look out for movement near the support as the support is a crucial one.
Support: $ 2.00
Resistance: $ 2.70
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