In a move to diversify trading options and enhance user experience, Binance Futures is gearing up to launch the USDⓈ-M LSK Perpetual Contract on January 25, 2024. This new offering, boasting up to 50 times leverage, is anticipated to bring significant changes to the Lisk (LSK) market dynamics.
The perpetual contract is structured with a funding rate fluctuating between +2.00% and -2.00%, coupled with fees calculated at four-hour intervals. Liquidity providers stand to benefit from reduced maker fees for a limited two-week period. It is worth noting that the contract’s specifications, including leverage and margin requirements, may be subject to adjustments based on prevailing market risks. Additionally, users can explore trading options with various collateral assets in Multi-Asset Mode.
The impact of such listings often ripples through the spot price of the underlying asset. Given LSK’s extended sideways movement for over 70 days, market observers are speculating whether this new trading product could be the catalyst needed to initiate an upward trend.
LSK Price Overview
Since achieving an all-time high of $11 on May 4, 2021, Lisk experienced a protracted bear market, reaching its lowest point at $0.70 in January 2023. Following a modest recovery to $1.50, the price once again tested its support zone in September of the same year.
The commencement of a new uptrend marked a climb to $2.30 on January 2, 2024. Despite a brief surge, the price retraced to the upper level of the support zone at $1. The recent spike to $1.30 on January 24 signals bullish indications, though the overall trend has been lateral since November 10 of the previous year.
LSK Price Projections
Analyzing the four-hour chart, Lisk exhibited a rebound from the $1 support, aligning with the 0.618 Fibonacci retracement level. This development has ignited speculation about the potential commencement of a more substantial uptrend.
With two sub-waves of a higher degree five-wave impulse, Lisk’s wave three target aligns with the typical 1.618 Fibonacci extension level, corresponding to the upper resistance zone around $2.30. While yesterday’s spike could signify the initiation of an uptrend, Lisk must maintain support above $1 in the ongoing downturn and ideally establish a higher low. Achieving this would bolster the likelihood of reaching the $2.30 target. Investors and enthusiasts eagerly await further market developments as the Lisk ecosystem undergoes potential transformations with the introduction of Binance’s new trading product.
