Lisk Technical Analysis--- Re branding On the Way!

cryptochindian(54)

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Lisk is a Javascript POS platform for decentralized applications & sidechains. Using Lisk, developers can code DApps using Javascript, the most popular programming language on Github.

Lisk is founded from the team behind Crypti - Olivier Beddows, CTO and Max Kordek, CEO. Both the founders were previously active members of the Crypti Foundation. Lisk started out because the founders disagreed with the direction that Crypti is taking. They forked Crypti used a decentralised startup model instead of a foundation model in progressing this cryptocurrency.

Lisk conducted an ICO in early-2016 that raised 14,079 BTC and 80,696,177 XCR which totalled about $6.15 million at the time of the ICO closing. A total of 100 million Lisk will be distributed to the following:

85% for ICO participants
8% for the core team
4% for campaigns and bounties
2% for advisers and partners
1% for social bounty campaigns

There is a block reward of 5 LISK for the first year which goes down by one LISK every year until a stable block reward of 1 LISK per block.

Moreover, Lisk has already been deployed to Microsoft Azure’s ‘Blockchain as a Service’ (BaaS).

Lastly, with the Lisk rebranding coming up on the 20th of February, the current downtrend of the market may allow for an optimal entry as we move forward over the next couple of weeks.

The daily shows us a few bullish signs that set up Lisk nicely for its upcoming rebrand. First of all we see price is clearly trending above the cloud and has established a narrow trading channel which will serve to reinforce support and stop/loss. Both the Tenkan and the Kijun are flat which indicates consolidation for the time being leading up to the 20th. Moreover, we have a bullish MACD cross far above the centerline indicating strong momentum to continue the current trend. Last but not least we have a hidden bullish divergence (a leading indicator) suggesting that Lisk should rally right before the rebrand.

The 4 hour adds confluence to this bullish picture. RSI is clearly healthy with more room to run. No issues with the MACD as momentum is still strong. We see a weak TK cross occurred below the cloud but the kumo breakout reinforces the breakout as there was a fair amount of volume as well. As we are in ATH territory, we will look to fib extensions and the current channel for profit targets while utilizing fractals/200 EMA/lower channel for our stop/loss conditions.

Optimal Entry: 238k (50 EMA)

Likely Range: 248k - 265k (Kijun to flat kumo)

Optimal Profit: 450k (upper channel/1.618 fib extension)

Interim Targets: 283k, 311k, 345k, 399k

Stop/Loss: 204k (below daily fractal/200 EMA/current support)