The cryptocurrency market has been on a rollercoaster ride these past few months, with cryptocurrencies like Bitcoin and Ethereum experiencing massive price swings. One coin that has been gaining attention in the market is Livepeer (LPT), a decentralized video streaming platform that promises to revolutionize the media industry by enabling users to share their videos and earn rewards for doing so.
In the past 24 hours, LPT has experienced a massive surge, rising 6.25% from $6.9 to over $7.35. LPT has a trading volume of about $3,771,848.79, with a market cap of $3,771,848.79. The digital asset has been progressing well over the last few days, reaching a peak of $7.44 and trading at a high of $7.35 today.
Livepeer weekly chart: Coinmarketcap
LPT price analysis on a daily chart indicates that the coin opened the daily trading session at an intra-day low of $6.79 and closed at a high of $7.24, which is a positive sign for the coin going forward.
However, despite this upward momentum, LPT still faces resistance at the $8 mark, making it difficult to reach higher levels in the near term. However, if LPT can break past this resistance level, it could be poised for further growth in the long term.
At the current moment, LPT’s main support level is found at $6.90, which is a crucial level that investors need to keep an eye on. If LPT continues to drop below this level, there may be a retracement in the near future.
LTP/USD pair has been progressing well in the last 4-hours and has formed a bullish flag which is reflecting the strength of the buyers in this market. However, it remains to be seen if the crypto can hold on to its upward momentum and break past $8 shortly. The technical analysis for LPT indicates that this coin is trading above the 200-day moving average and poised for further growth in the long term.
LPT/USD 4-hour chart: TradingView
The Relative Strength Index (RSI) indicator is showing a strong bullish trend, while the MACD shows that momentum is currently favoring LPT in the market. The Stochastic Oscillator is also pointing toward an uptrend, backing up the overall bullish sentiment in this cryptocurrency.
The EMA lines are showing that the short-term trend is bullish, while the long-term trend is bearish. The 50-day EMA line is above the 200-day EMA, indicating that Livepeer remains in a strong uptrend.
To sum up Livepeer price analysis, it seems that this cryptocurrency is currently in a bullish trend and has the potential to rise further in the near future. The key support level to watch out for is $6.90, while the main resistance level is $8.The Fibonacci levels indicate that LPT could see a retracement soon, but if the bulls can hold on to their momentum, we may see it continue its growth in the long term.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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Source: Cryptocurrency - investing.com
