When the Web 3.0 trend kicks in, Lisk (LSK) protocol has the potential to perform exceptionally well. Recently, it collaborated with Bancor to host a hackathon, resulting in a very promising pattern seen on the monthly chart. However, if we examine the monthly chart of the past five months, it's evident that it's in a very bullish trend.
In April, it retraced slightly to the $1.62 zone before balancing and moving upwards. From the weekly chart, it appears to be in a discount zone now. After touching $3.18, it's trading within a ranging zone, commonly referred to as an accumulation zone. We might see a price drop followed by a move to the $2.67 zone or the distribution zone.
On the daily chart, it's ranging between $1.59 and $2.20. This current position can be considered an accumulation zone. From here, when it moves to the manipulation zone, we'll look for an entry point.
For entry points, we'll analyze the four-hour chart. When it crosses below $1.75, we'll look for an entry around $1.59 as our first entry point. Then, for our second entry, we'll consider $1.30 and $1.20 for setting stop-loss.