LISK Token Price Analysis: The LISK token broke out of the supply zone and fell back into the long-term demand zone.

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  • The price of the LISK token is in a strong upward trend on the daily time frame, and currently it is trading at $2.37.
  • The token is a moving descending bullish wedge chart pattern on a daily time frame.
  • The LISK/BTC pair is trading at 0.00005347 with a 0.70% increase in the digital asset’s market cap over the past 24 hours.

Source: LISK/USDT by tradingview

The price of the LISK token is in a daily upward trend and it has also broken out of the long-term supply zone. The price of the LISK token is trading above the $1.99 supply zone on a daily time frame. The token forms a superior high and low formation over a daily time frame. Right now, the token sits on a long-term demand zone on the weekly time frame, and so it can bounce off the demand zone if the bulls are supporting, and hence, the token can be seen moving to the rise. But if the token breaks the demand zone, it can drop quickly. Currently, the token is trading below the entire crucial exponential moving average (20, 50, 100) and could be rejected higher. the big move. The token is currently trading in the upper band of the Bollinger Band indicator. The Bollinger Band range has turned narrow, indicating impulsive movement in the coming trading days. Volumes have declined, and therefore the momentum from all sides will continue for a long time due to lower volatility.


LISK token price is forming a declining wedge pattern on daily time

Source: LISK/USDT by tradingview

The price of the LISK token was down from the last trading days, forming a lower low. But recently, the token managed to stay above the previous low despite the selling pressure from the supply zone. As a result, it started trading in a smaller range, which resulted in a breakout of the descending wedge pattern on a daily time frame.

Moving Average Convergence Divergence (Bullish): The MACD indicates an uptrend on the daily time frame as it gave a positive cross. The signal line of the buyer (blue) has crossed the rise of the seller (orange). If the token breaks out of the green trendline, it can reach $2.774 and above. It may reach new heights if the momentum continues.

Supertrend:The recent uptrend in the cryptocurrency market has not affected the supertrend indicator. The indicator’s sell signal is still intact as it broke the supertrend buy line with a strong bearish candlestick pattern. If the price of the token breaks out of the red line of the supertrend indicator, the indicator may give a buy signal. Until then, an investor should remain cautious.

RSI and ADX show bullish signs on the daily timeframeand

The price of the LISK token is in an upward trend over a longer timeframe and has recently formed a chart pattern. Once the token breaks out of the pattern, it could trigger a massive move on the breakout side.

Average Directional Movement Index: The ADX has been steadily rising for the past few trading days, and recently it broke above 35 as the token bounced off the $1.99 demand zone. The ADX curve stops, and it has currently reversed. Thus indicating a halt in price movement and a possible change in the pattern of price movement.

Relative strength indicator: The RSI is trading at 44.39 as the token forms a bullish reversal pattern. The RSI curve approaches the 50 mark halfway through, and so once it crosses the 50 mark, the token can be seen going up, which can give a breakout of the descending wedge pattern. The RSI curve also broke above the 20 SMA, indicating bearish momentum for the next few trading days.

Conclusion

According to the price action, the price of the LISK token is forming a bullish descending wedge chart. Technical parameters also suggest bullish momentum for the next few trading days. The investor must be careful until the token breaks out on either side. It remains to be seen if the token breaks higher or if the bears trample the price.

SUPPORT: $1.99 and $2.03

RESISTANCE: $2.72 and $2.958

Warning

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

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