#LSK/USDT : Bearish Momentum Dominates as Key Support is Tested
The LSK/USDT pair on Binance's 1-hour chart shows signs of bearish momentum after failing to maintain levels above $0.80. The price is currently trading below the 200-period moving average (MA), which is set at $0.8141, indicating a bearish trend. The Volume Weighted Average Price (VWAP) is at $0.797, suggesting a consolidation around this level.
The Relative Strength Index (RSI) is at 33.70, reflecting a bearish momentum that is nearing the oversold territory. The Moving Average Convergence Divergence (MACD) shows a bearish crossover, with the MACD line at 0.001 and the signal line at -0.011, indicating continued bearish pressure. The overall trend remains bearish, with no significant bullish signals at present.
On the 1-hour published chart, the price action shows a breakdown from a consolidation range between $0.80 and $0.85. The current support level around $0.75 is critical to watch. A sustained break below this support could lead to further declines, potentially targeting the $0.70 level or lower.
Conversely, if the price holds above the $0.75 support, there might be a chance for a rebound towards the $0.80 resistance. The chart also shows that a breakout above $0.80 could trigger a test of the next resistance level around $0.85, but this would require strong bullish confirmation.
Disclaimer:
The information provided in this analysis is for educational purposes only and should not be considered financial advice. Cryptocurrency investments are volatile and carry a high risk. Always perform your own research before making any investment decisions.
