Lisk (LSK) – 10 USD kills the demand

Lisk is a new altcoin on my radar but definitely I will be writing about the LSK more often as it respects the major price action principles. Before we will do the technical analysis here, let me quickly introduce this coin. Copying from the official website: “ Lisk makes it easy for developers to build and deploy blockchain applications in JavaScript”. In terms of the market cap, the LSK is on the 24th place, not bad.

OK, what are those technicals? First, the price built a head and shoulders pattern (yellow rectangles), so a bearish formation promoting the further downswing. The price dropped like a rock, from almost 42 USD to around 8.5 USD seen currently. The target is way below that but maybe lets not kill the mood here so fast. After the head and shoulders pattern, the price broke two important supports. First one one the 14 USD (red) and the second one on the 10 USD (black). The second one is much more important and should be carefully monitored.

The sentiment is negative because the last two small upswings were quickly killed by the sellers. First one from the beginning of the last week and second one from this weekend. If the price does not want to go up, it will probably go…you know where, down.