LSK had a strong retrace of just more than 78.6% of its complete movement from the pair's absolute high and low since being introduced to the Binance exchange. Price is currently sitting above that retracement level now, as shown in the daily chart on the right, and recently pushed through the top of the symmetrical triangle. Further upward movement is being impeded at the moment by the 50 MA. RSI is above 50, which means it's bullish , and is moving steadily within an ascending channel . MACD is in bearish territory but is nearing the bullish side of centerline.
This pair appears bullish at this time, so we expect that a strong push through the 50 MA on the daily chart should initially target 0.00170190-0.00182190. Beyond that, we are looking at a secondary target of 0.00212410-0.00228890, which would put price above the daily cloud. Failure to push upward from here may see decent support in the 0.00102000-0.00103000 area.
This pair appears bullish at this time, so we expect that a strong push through the 50 MA on the daily chart should initially target 0.00170190-0.00182190. Beyond that, we are looking at a secondary target of 0.00212410-0.00228890, which would put price above the daily cloud. Failure to push upward from here may see decent support in the 0.00102000-0.00103000 area.
scott.melker@texaswestcapital.com