Lisk Lsk is in a powerful daily uptrend
Lisk (LSK) is a crypto project that was founded quite a while ago, all the way back in 2016. This was before Bitcoin hit its legendary ATH at $20,000, and back then, cryptos were still largely unknown in the world.
It is a Switzerland-based project that actually acts more like a blockchain application platform. However, it has a noble goal of making the blockchain tech more accessible to regular people. As such, it focuses on user experience, in-depth documentation, and developer support.
Lisk’s token, LSK, is currently the 48th largest cryptocurrency, with a market cap of $150.97 million, and a price of $1.22 per token. However, even if its price is not nearly as high as that of Bitcoin, it did perform rather well in the last two months.
Lisk’s price keeps growing
Lisk started its price growth immediately after 2020 kicked off, and even during the March crash, it did not reach the lows it had at the beginning of the year.
Starting at $0.556 on January 1st, Lisk commenced a steady growth that took it to its yearly high at $2.40 in only 40 days, hitting this height on February 10th. However, it did not manage to breach this level. Instead, its price was rejected, and it lost 50%, hitting the support at $1.20 by February 26th.
After that, LSK spent a few weeks resting above this level, relatively stable during this time. However, when the coronavirus pandemic-caused fears knocked down the prices in the crypto industry, LSK did not avoid the drop.
It broke its support at $1.20 and hit its new bottom at $0.70. But, the recovery started rather quickly after that, and Lisk returned to $1 in about a week. It managed to breach this level, but it then ended up trapped between the new support at $1 and a support-turned-resistance at $1.20. This is where it remained from March 18th until April 27th, when it finally managed to breach $1.20.
It did not go far, however, remaining closely tied to this level. Even though it was above it, it was a constant struggle to remain there — one that LSK actually lost by May 10th, when it once again dropped below it. However, in the last few weeks, it showed another wave of strength that once again took it above the resistance, which is where it sits right now, at $1.22, after 1.21% growth in the last 24 hours.
LSK/USD is up 8% after hitting a high of $1.37 today
The daily uptrend is still intact and bulls are looking at $1.40 next,
Lisk is in a powerful daily uptrend and has managed to break above several resistance levels today; however, bulls are still facing the toughest resistance point at $1.40. The level was set on April 29 as a daily high.
LSK’s strong move today was still not enough to break $1.40, a critical resistance level on the daily chart. Buyers are enjoying this 8% surge and are looking for a healthy consolidation in the next few days. Support can be found using the 12-EMA and the 26-EMA, although they are still far away from the current price.
The daily RSI is overextended and the MACD has been bullish for the past two weeks. If buyers can break $1.40, the next resistance level is at $1.50, which means that anything in-between is a possible profit target.
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