LISK Technical Analysis for 05/30/2016 – Pivot Level Overview

While the Lisk digital token has only been trading for about seven days on the Delaware-based digital currency exchange Poloniex, the Lisk charts show some distinct price level that may be of interest to investors and speculators.

For instance, the 0.0008 price level has been used multiple times as support/resistance since May 28th; three times as support between last Thursday and Friday; two times as resistance on Sunday. Since breaking underneath 0.0008, market volume has thinned out a great deal and price has started to grind in a very tight range. Market participants are clearly aware of this zone and will most likely stay on the sidelines until price makes its way near this pivot zone again.

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Since May 24th, which marks the first day of trading for Lisk, the 0.0006 area has also played an important role as well. On the 25th, this level acted as resistance on two occasions. When price retraced down to this level on the 28th, 0.0006 started acting as support. At present, price is essentially trapped between these two technical areas, and I would also argue that most traders will be waiting for a break of either of these levels before making any trades.

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Chart Source: https://poloniex.com/exchange#btc_lsk

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