Lisk Triangle Breakout

Lisk was trading within the triangle pattern since September the 1st where it found strong support around $4 area. On the 8th of November LSK/USD finally managed to break through the triangle pattern going above the downtrend trendline as well as 200 Moving Average.

The lowest price since range trading has been $3.7, although Lisk already trading at $7.3. This is a strong growth of almost 100% in less than two weeks. While Lisk started to print higher highs and higher lows and trading above the 200 Moving Average, the growth tendency is likely to continue.

Based on the Triangle Patter, the very first upside target is seen at $10, psychological round number as well as 127.2% Fibonacci retracement level. Break above the $10 resistance should result in a more exponential growth towards one of the next Fibonacci levels. Keep in mind that a close below the 200 Moving Average should invalidate the bullish outlook.

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