A flurry of events happened yesterday: HUOBI:BTCCNY touched a high of ¥3944.3 and is continuing to rise. The Dao released KRAKEN:DAOXBT, bringing plenty of interest into the Crypto 2.0. space, as well as competition: 129M market cap and 3M+ in trading volume.
Lisk has held its own. Currently POLONIEX:LSKBTC is #4 in trading volume at 5.4M, ahead of The Dao and behind POLONIEX:ETHBTC,BITFINEX:LTCBTC and BITFINEX:BTCUSD. Also around 3:30am EST there was also an issue with blocks being forged on the Lisk network. The issue was quickly identified and resolved by the Lisk team. An update to the client was released, v0.3.1. Blocks are forging normally and transaction times are lightning fast again. blog.lisk.io/lisk-v0-3-1-release-announcement-44e862406b77
Looking ahead, we can observe that price is exiting the symmetrical triangle (pink lines) to the upside. Further strength in the BTC market will delay a breakout above the upper trend channel line (orange). The lower line (pink) is still being tested. Support and resistance levels can be seen from the Fibonacci circles.
LSK's resilience amidst the current BTC run up and its ability to generate more trading volume than The DAO are all bullish signs. The Lisk development team was responsive in securing the network, contributing to my belief that this coin has tremendous potential and is here to stay. Lisk is a very young coin, but its strong and vibrant community has already accomplished a lot in a short period of time. Expect announcements from the Lisk Development team this week and price increases in the months ahead.
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Price broke down to 64k today. Previous support levels from 70k range has now become resistance. Look for further testing of the stronger suppport levels in the 60k range. Continued sell pressure could bring us down to test the 50k range if the BTC market continues to exhibit strength in the days ahead.