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Lisk / USD Technical Analysis: Getting Back To Speed

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  • Lisk is bullish in the short-term, with the cryptocurrency trading towards the best levels of the year so far
  • The medium-term outlook is neutral, with price edging closer to the LSK / USD pair’s 200-day moving average
  • The daily time frame shows buyers probing the neckline of a bullish inverted head and shoulders pattern

Lisk / USD Short-term price analysis

Lisk has a bullish short-term outlook, with the cryptocurrency building strength above its 50-period moving average and trading back towards the best levels of the year so far.

The four-hour time frame shows that bearish price patterns are being invalidated, as LSK / USD buyers retain firm control of price-action in the short-term.

Technical indicators are still bullish on the four-hour time frame, although they are showing signs of possible upside exhaustion.

 

LSK / USD H4 Chart                                                                         (Source: TradingView)

 

Pattern Watch

A bullish breakout from a descending triangle pattern is currently underway on the four-hour time frame.

Relative Strength Index

The RSI indicator on the four-hour time frame is correcting from overbought territory.

MACD Indicator

The MACD indicator on the four-hour time frame is conflicted, with the MACD signal line generating a bullish signal while the MACD histogram is turning lower.


Lisk / USD Medium-term price analysis

Lisk has a neutral medium-term bias, with the cryptocurrency trading back towards its trend defining 200-day moving average.

Bullish signs continue to emerge on the daily time frame, with buyers probing the neckline of a large inverted head and shoulders pattern.

The March 15th trading high and the LSK / USD pair’s 200-day moving average are currently the strongest forms of technical resistance above the neckline of the bullish pattern.

 

 LSK / USD Daily Chart                                                                         (Source: TradingView)

 

Pattern Watch

Traders should note that the upside target of the bullish inverted head and shoulders pattern would take the LSK / USD pair back towards levels not seen since mid-November 2018.

Relative Strength Index

The Relative Strength Index on the daily is bullish, although it has so far failed to create a new price high.

MACD Indicator

The MACD indicator on the daily time frame is showing a bullish bias, although the MACD signal is approaching overbought conditions.


Conclusion

Lisk is edging back towards the best levels of the year, as overall dip-buying demand for the cryptocurrency remains strong over both time horizons.

If bulls can move the LSK / USD pair above its 200-day moving average and ignite the large bullish pattern on the daily time frame, further strong medium-term gains remain the most likely scenario.

 

Our coin guide provides a great overview of the Lisk project.

 

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DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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