Home / Crypto Analysis / Technical Analysis / Binance To Launch 50X Futures for Lisk — Will LSK Start to Rise?

Binance To Launch 50X Futures for Lisk — Will LSK Start to Rise?

Last Updated January 25, 2024 4:18 PM
Nikola Lazic
Last Updated January 25, 2024 4:18 PM

Key Takeaways

  • Binance is launching 50 times leverage LSK futures.
  • Lisk moved sideways since November 10.
  • The price of LSK spiked 80% on January 24 but quickly fell by 31%.

Binance Futures is set to introduce a new trading product, the USDⓈ-M LSK Perpetual Contract , on January 25, 2024. This addition, offering up to 50 times leverage, diversifies trading options and enhances user experience on Binance Futures. 

The contract will have a funding rate of +2.00% / -2.00%, with fees assessed every four hours. Some liquidity providers will also enjoy reduced maker fees for about two weeks. The contract’s specifications, including leverage and margin requirements, may change based on market risks. Users can also trade with various collateral assets in Multi-Asset Mode.

These listings usually affect the spot price of the underlying asset, and with the price of LSK being in a sideways range for more than 70 days, can this trading product finally give it the nudge needed for an uptrend? 

LSK Price Analysis 

After reaching an all-time high of $11, which came on May 4, 2021, the price of Lisk entered its prolonged bear market. It fell to its furthest horizontal support zone of $0.70 by January 2023. After a minor recovery to $1.50, it again fell to its support zone in September last year. 

daily chart
LSK is still in a sideways range.

This was when a new uptrend started. This rise brought the price of Lisk to a high of $2.30 on January 2, 2024. However, this was a short-lived spike, and it reverted to the upper level of the support zone of $1. 

On January 24, we saw a new spike to $1.30, which shows some bullish indications. Overall, though, the price has been moving sideways since November 10 last year. 

LSK Price Prediction 

Looking at the four-hour chart, we saw Lisk bounce from the $1 support, which overlaps with the 0.618 Fibonacci retracement level. There is a strong chance that a new larger uptrend will start. 

4-hour chart
A new uptrend could have started.

With two sub-waves of a higher degree five-wave impulse, Lisk’s target for wave three is typical at the 1.618 Fibonacci extension level. Projecting the target with this tool, it matches the upper resistance zone around $2.30, further strengthening the possibility. 

Yesterday’s spike could be the start of this uptrend, but as the price of Lisk is tumbling, it needs to hold above $1 on the current downturn and preferably make a higher low. If it does and Lisk starts increasing again, the $2.30 target would be highly likely. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

Was this Article helpful? Yes No