Lisk (LSK) breaks through a major resistance level

  • Ali Raza
  • 27th May, 15:44
Lisk (LSK) breaks through a major resistance level
  • Lisk (LSK) saw strong performance in 2020, reaching its yearly high less than two months.
  • While it did experience a price drop due to the March crash, the coin has been on a road to recovery.
  • It just breached its largest resistance at $1.20, and the next goal is a return to $2.40.

The crypto market has been seeing recovery from the mid-March price crash for the past two months. However, considering that Bitcoin leads in terms of market cap, brand, price, age, and plenty of other aspects, people tended to focus on it, and neglect plenty of altcoins that had major potential.

One example is Lisk, which has been performing rather well following the so-called Black Thursday in March.

A bit about Lisk

Lisk (LSK) is a crypto project that was founded quite a while ago, all the way back in 2016. This was before Bitcoin hit its legendary ATH at $20,000, and back then, cryptos were still largely unknown in the world.

It is a Switzerland-based project that actually acts more like a blockchain application platform. However, it has a noble goal of making the blockchain tech more accessible to regular people. As such, it focuses on user experience, in-depth documentation, and developer support.

Lisk’s token, LSK, is currently the 48th largest cryptocurrency, with a market cap of $150.97 million, and a price of $1.22 per token. However, even if its price is not nearly as high as that of Bitcoin, it did perform rather well in the last two months.

Lisk’s price keeps growing

Lisk started its price growth immediately after 2020 kicked off, and even during the March crash, it did not reach the lows it had at the beginning of the year.

Starting at $0.556 on January 1st, Lisk commenced a steady growth that took it to its yearly high at $2.40 in only 40 days, hitting this height on February 10th. However, it did not manage to breach this level. Instead, its price was rejected, and it lost 50%, hitting the support at $1.20 by February 26th.

After that, LSK spent a few weeks resting above this level, relatively stable during this time. However, when the coronavirus pandemic-caused fears knocked down the prices in the crypto industry, LSK did not avoid the drop.

It broke its support at $1.20 and hit its new bottom at $0.70. But, the recovery started rather quickly after that, and Lisk returned to $1 in about a week. It managed to breach this level, but it then ended up trapped between the new support at $1 and a support-turned-resistance at $1.20. This is where it remained from March 18th until April 27th, when it finally managed to breach $1.20.

It did not go far, however, remaining closely tied to this level. Even though it was above it, it was a constant struggle to remain there — one that LSK actually lost by May 10th, when it once again dropped below it. However, in the last few weeks, it showed another wave of strength that once again took it above the resistance, which is where it sits right now, at $1.22, after 1.21% growth in the last 24 hours.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.
Invezz uses cookies to provide you with a great user experience. By using Invezz, you accept our privacy policy.