In a space full of worthless altcoins, Lisk (LSK) continues to remain one of the most promising crypto investments. Correction hit it hard, as the cryptocurrency almost came close to $1 from its all time high near $50. Very few altcoins with promising fundamentals can yield similar returns as Lisk (LSK). Even if it rises back to $50 from here, that is a 16x return! Given the future potential of Lisk (LSK) it is very unlikely that it will stop at $50. During its next cycle, Lisk (LSK) is expected to cross the $100 mark. If we take into account adoption of Lisk (LSK) as a platform like Ethereum (ETH), its price can skyrocket.
Wave trend for the above weekly chart for LSK/USD
shows that for the first time since the beginning of this correction, Lisk (LSK) has truly bottomed out. The period between July and October shows a flat line wave trend which means the price is ready for a trend reversal. RSI for the above chart looks even more bullish as it has been trading in a falling wedge. RSI for LSK/USD is expected to break out of this falling wedge before the end of October. Furthermore, LSK/USD has found support at the long term ascending channel and is now ready to take off.
Lisk (LSK) is a very promising smart contracts platform. They focused on delivering a unique working product rather than rushing to create another useless platform coin. Some analysts have also pointed this out in the past by saying that Lisk (LSK) is a slow project and might take some time to come to fruition. Be that as it may, we really need a unique platform with a proper use case instead of being another useless token. Lisk (LSK) currently allows Dapps to be built on a sidechain instead of the main blockchain. This is a really great feature of Lisk (LSK) compared to older platforms like Ethereum (ETH). Dapps can be built on Lisk (LSK) without having to worry about compromising the security of the entire blockchain. Similarly, Dapps can also rest assured that their data is in their safe hands and not on the entire Lisk (LSK) blockchain.
Lisk (LSK) has also bottomed out against Bitcoin (BTC). The above weekly chart for LSK/BTC
shows that Lisk (LSK) has found bottom at the bottom of the ascending LSK/BTC long term channel. The price is now ready to break the downtrend resistance before the beginning of November. However, it will face strong resistance at the 38.2% Fib retracement. Wave trend for LSK/BTC does not look as bullish as that for LSK/USD but it still shows the formation of a solid bottom. RSI for the above chart also appears to have bottomed out and the price seems ready for a trend reversal. Lisk (LSK) like many other altcoins is supposed to begin a new trend against Bitcoin (BTC). We have seen a steady decline in Bitcoin (BTC) dominance over the years. However, altcoins like Lisk (LSK) have gained in dominance and will continue to rise for the foreseeable future.