LSKUSD pushes through key technical resistance level
LSK/US Dollar Index (LSKUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LSKUSD finished Sunday at 1.11 surging $0.04 (3.74%) on high volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 1.08, Lisk confirmed its breakout through the previous session high after trading up to $0.03 above it intraday.
Daily Candlestick Chart (LSKUSD as at Oct 18, 2020):
Sunday's trading range has been $0.04 (3.74%), that's slightly below the last trading month's daily average range of $0.04. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LSKUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 1.09 (now S1), which is likely to act as support going forward. The last time this happened on October 8th, LSKUSD gained 4.55% on the following trading day.
Though the cryptocurrency is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
As prices are trading close to October's low at 1.04, downside momentum might accelerate should LSK/USD mark new lows for the month.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for LSK/USD. Out of 111 times, LSKUSD closed lower 54.05% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more