Bull Breakout? LSK Jumps 60 Percent on Exchange Listing

The price of the cryptocurrency LSK saw a boom Wednesday on news it will list on a major exchange and see a rebranding soon.

AccessTimeIconJan 31, 2018 at 2:45 p.m. UTC
Updated Sep 13, 2021 at 7:30 a.m. UTC
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The price of Lisk's native token LSK is flirting with a bullish breakout following a new exchange listing.

Price charts indicate LSK ran into bids at $21.63 at 05:34 UTC today before ultimately jumping more than 60 percent to $35.26 in the next 30 minutes. So far, it's a development the investor community is associating with its listing on the Japan-based exchange bitFlyer, one that holds water as it's one of the largest domestic exchanges in terms of trading volume.

However, bitFlyer encountered technical difficulties immediately after the new listing.

This seems to have weighed over LSK prices. As of writing, LSK is changing hands at $26.27, meaning the cryptocurrency has retracted from its intraday high of $35.26.

Still, the odds of a bullish breakout on technical charts remain high.

Prices could remain well bid in February as a project relaunch is scheduled on Feb. 20, and it seems to have garnered plenty attention from investors.

The company runs a blockchain application platform, somewhat similar to ethereum in intent in that it's meant to enable decentralized applications. It is also set to unveil an entirely updated and improved platform, as well as a new brand identity and website next month.

LSK chart

lskusd

The above chart (prices as per Bittrex) shows:

  • A repeated failure on the part of the bears to keep prices below the 50-day MA, followed by a sharp rebound from the rising trendline representing a series of higher lows. The price action indicates the bulls are in control.
  • The 50-day MA is trending north, indicating a bullish setup.
  • The relative strength index (RSI) is above 50.00 (in the bullish territory) and on the rise, suggesting scope for further gains in LSK.

View

  • The retreat from the intraday high of $36.27 has neutralized the immediate bullish outlook.
  • That said, a close today (as per UTC) above $26.68 (Jan. 20 high) would open doors for a sustained move higher to a record high of $41.39 (set on Jan. 7).
  • On the downside, only a daily close (as per UTC) below $14.76 (Jan. 17 low) would signal a bullish-to-bearish trend change.

Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in BitFlyer.

Image via Shutterstock

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