Lisk Reached the Resistance, What’s Next?

After breaking the triangle pattern and then rejecting it Lisk went up sharply, from $5 all the way up until the $10, making over 100% growth against the USD. Indeed a great performance by Lisk, but when, if and where it should stop?

LSK/USD has already reached the upside target based on the triangle breakout pattern, although it failed to close above that target at $10.6. It has produced a spike on the 4-hour chart reaching $10.9. In order for Lisk to continue moving up this high must be broken, by the 4h candle closing above it, preferably even a daily candle. If that happens, an explosive growth could take place pushing Lisk a lot higher.

However, while the resistance is holding there is a risk of a downside correction towards $7.6 support level at 127.2% Fibonacci retracement level. Perhaps at this point, it is better to stay neutral and wait for a confirmed break above the $10.9.



Please enter your comment!
Please enter your name here