Livepeer Bulls Charge Forward: $24 In Sight After Holding $20
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In mid-May, we observed a significant upward movement in the Livepeer market from the $17.3 price level, aiming to reach $20. Before the end of the month, the Livepeer market had successfully surpassed this level. This prompted some traders to adopt a more bullish outlook, further strengthening the bull market. However, bears fortified their position at the $24 price level, causing the market to range sideways until now. Recently, strong bullish momentum has propelled the price action above the crucial $24 level.
Livepeer Market Data
- LPT/USD Price Now: $25,67
- LPT/USD Market Cap: $834 million
- LPT/USD Circulating Supply: 32 million LPT
- LPT/USD Total Supply: 32 million LPT
- LPT/USD CoinMarketCap Ranking: #95
Key Levels
- Resistance: $27.00, $28.00, and $29.00
- Support: $20.00, $19.50, and $18.00.
Livepeer Through the Lens of Indicators
The recent strong bullish price action, which has propelled the market above the $24 level, was triggered by aggressive bearish market activity yesterday that drove the market down to a key support level at $20. This sharp bearish move during yesterday’s trading session caused a spike in market volatility, which the bulls capitalized on to drive the market upward in a hyper-bullish manner. Bullish sentiment is very strong below the $20 level, and traders quickly took advantage of this to push the market significantly higher.
However, there is a concern that this bullish move may not be sustainable. The high volatility means that bears could also exploit this at the $24 level or the $25 level. If the bulls can establish a support level around $24, the market is likely set for further upward action. Currently, crypto signals from indicators look promising: the RSI is at 61, indicating substantial momentum to sustain the bull market. Additionally, the candlestick pattern is indicative of a strong bull market, with a small lower shadow and almost no upper shadow. Nonetheless, investors are advised to monitor the formation of the new higher support, which may potentially be at the $24 level.
LPT/USD Price Prediction: 4-Hour Chart Analysis
Since the start of the day, the market narrative has been notably bullish. In the fourth 4-hour session, the price surged past the $24 level with minimal resistance. Although some resistance and take-profit activities were observed at the $25 level, massive buying continued. The histogram for this fourth 4-hour session is notably strong, suggesting underlying factors are driving demand. With this level of liquidity in the bull market, it is likely that the bulls will be able to establish support at the $24 level.
