Lisk Analysis – still all eyes on the 6.7 USD

Last analysis of the day will be an update of the Lisk. The last time, we wrote a piece about the Lisk on the 17th of May and we are happy to admit, that it was another great call made by the ForexNewsNow team. Back in that day, the coin was quoted around the 10.6 USD and we saw a strong bearish potential:

“ Currently, the Lisk is forming a rectangle (yellow), which also promotes the downswing and that is the current scenario for this crypto. In our opinion, the next resistance on the 6.7 USD, should be reached relatively soon. “

The price did what was expected here, so broke the lower line of the rectangle and went down. Currently we are on the 8.6 USD but the chances of getting to the 6.7 USD are still high. That is a super important horizontal support, which is with us since the November 2017.

On the 28th and 29th of May, the price created a bullish engulfing pattern on the candlestick chart. In theory, that is positive but we can see that the price fails to climb vastly higher, showing us a bearish dominance. A failed bullish pattern can add additional fuel to the downswing. Sell signal will be denied when the price will climb back above the 10 USD but the odds for that are currently low.