$LSK / USDT Showing Signs of Bottoming After Downtrend! Potential for a Reversal? ⛓️
$LSK is currently trading at $0.474, up slightly by +0.42% today.
Looking at the 4-hour chart, $LSK has been in a significant downtrend. However, recent price action suggests a potential bottoming formation around the $0.47 level. We're observing some consolidation after a period of selling pressure, which could indicate a possible reversal.
Key Points:
Current Price: $0.474
24h High: $0.486
24h Low: $0.471
Potential Strategy:
Watch for a decisive break above the $0.480 - $0.485 resistance area. A sustained move above this zone could signal the start of a stronger bullish reversal and open the door for a more substantial recovery.
Possible Targets (Short-Term):
Initial Target: Aim for the $0.486 level (24h high) as the first potential target after breaking the immediate resistance.
Further Potential: If the bullish momentum strengthens, the $0.49 - $0.50 range could be the next targets to watch.
Risk Management:
It's crucial to manage risk effectively, especially after a significant downtrend. Consider placing a stop-loss order below a recent swing low to protect against a potential further downside if the reversal fails. Monitor the $0.47 support level for signs of renewed selling pressure.
Disclaimer: Trading cryptocurrencies involves substantial risk. This is not financial advice. Always conduct thorough research and analysis before making any investment decisions.
Stay vigilant and watch for confirmation of a potential trend reversal!
