LSK Coin Faces Rejection from $1.031, Will the Uptrend Sustain?

• The LSK coin price is currently trading at $0.985.
• The coin chart reflects the overall dominance of buyers.
• It has gained 46.91% since the price decline has stopped.

The LSK coin’s future price prediction is bullish as long as its price is sustained above the $0.854 level. The LSK coin price took support from the $0.666 level after a major decline of 59.50% in its price from its annual high of $1.604.

It has shown a significant recovery of 46.91% from its $0.666 support zone. However, the bull run is facing problems at $1.032 resistance, which is not letting it continue to higher levels. 

The price has formed a strong bearish candle at $1.032 resistance. It shows the price may fall from there as it is facing a strong rejection. However, it will considered in a bullish sentiment till it is sustained above $0.854.

The LSK coin price has faced a decline of 3.71% in the last 24 hours. Currently, it is trading at $0.981 with a trading volume of $610.416K. The token has a market capitalization of 127,260,758 USD.

Will the LSK Coin Perform a Short-Term Retracement?

The LSK coin is facing a strong rejection from the $1.031 level after its bull run. The price might have exhausted after performing a bull run due to which a minor retracement can be seen in the future.

The 50-day EMA and 100-day EMA lines have recently performed a bullish crossover, which shows the buyers are quite active in the current scenario. The EMA line is also trending in the upward direction which is a good bullish sign.

However, the LSK coin price is far from the EMA lines. It denotes that the coin’s price may perform a short-term retracement or consolidate in the narrow range until the EMA line touches it.

The relative strength index is at 66.21 and is currently entering the bullish territory from the overbought territory. The RSI line is sloping in a downward direction. It denotes that it is presently cooling off as the price was trading above its intrinsic value. It may adjust itself from taking support from its 50 levels if the price starts to face buying pressure again.

Will the Buyers Bounce Back?

The LSK daily chart shows the price is in a strong up-move. However, it may face a short-term decline in its price. The price might retest the $0.854 level again but buyers won’t give up this level that easily as the buying volume sipiked at that level. It shows the buyers are very active at the $0.854 level, which is acting as support now.

So, we can expect a bounce back from this or above this level. The price may again continue its ongoing bull run to the $1.336 level.

The sellers seem weak in the current scenario. The only way for sellers to gain control of the price, they must close the price below $0.854. It will make the buyers square off their position and a selling scenario can be seen. After which the price may fall to the next support at $0.666.

Conclusion

The LSK future price prediction is bullish. The technical indicators are overall bullish but are pointing towards a short-term pullback in the price. This coin has the potential to continue its uptrend if it sustains above its $0.854 support level.

Technical levels

Resistance Levels: $1.031 and $1.336

Support Levels: $0.854 and $0.666

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.