Current market correction since the beginning of the year has had a devastating effect on the price of Lisk (LSK). The cryptocurrency is down 85% from its all time high of $34.92, reached in early January. The price has now settled around $5, with a short term bearish outlook that could trigger a fall to $4 in the days ahead. The RSI for LSK/USD in the chart above shows that the price of Lisk (LSK) is about to bottom out. The market has been brutal on this already undervalued smart contracts platform. While long term prospects look brighter for the project, investor interest is still not picking up.
However, Java comes with its own advantages. A lot more developers are familiar with Java than with Solidity. It also gives them more latitude to build better and more advanced Dapps on a Lisk (LSK) sidechain. However, the challenge here is that Lisk (LSK) needs to come up with a working platform fast enough to capture a significant portion of the Dapps market. This seems likely considering the Lisk (LSK) team is headed by an ambitious leader, Max Kordek who believes in hands on approach and getting things done.
Lisk (LSK) is close to bottoming out on the LSK/BTC weekly chart same as on the LSK/USD weekly chart. The price action signals a reversal in the near future. Currently the price is below both the 21 EMA and 55 EMA, but the RSI is close to oversold levels and a rally can be expected from these levels after a temporary pullback. Lisk (LSK) continues to trade in a rising bullish channel on both the LSK/USD and LSK/BTC charts. However, if the RSI is to reach rock bottom, that would most likely result in breaking market structure and Lisk (LSK) may fall back to sub $4 levels for the short term. The Lisk (LSK) team has done a good job with Lisk Hub, which also offers a secure wallet for speedy transfers to and fro exchanges and multiple accounts. Lisk (LSK) being a utility token will be used by developers to pay for Dapp related services on the Lisk (LSK) platform. Long term, Lisk (LSK) continues to be one of the best investments in the crypto markets in terms of risk/reward.