Livepeer (LPT/USD) Bulls Manage to Salvage the Market at $6.506
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Over the past few days, the Livepeer bull market has driven the price beyond the $9.00 threshold. This market initiated this substantial price surge just last week, and the hyper-bullish momentum might be reaching its peak at the $9.33 price point. It is anticipated that a robust bear market could ensue following this vigorous movement. This strong market uptrend was observed peaking at the market’s high.
Nevertheless, this bear market seems to be short-lived, as the market is rebounding to $6.486. It appears that the market still maintains strong bullish sentiment.
The Livepeer Market Data
- LPT/USD Price Now: $6.94
- LPT/USD Market Cap: $199,532,003
- LPT/USD Circulating Supply: 28,724,461 LPT
- LPT/USD Total Supply: 28,724,461 LPT
- LPT/USD CoinMarketCap Ranking: #133
Key Levels
- Resistance: $8.00, $8.50, and $9.00.
- Support: $5.50, $5.00, and $4.50.
Price Prediction for Livepeer: The Indicators’ Point of View
As the Livepeer market shifted in favor of the bulls last week, a notable increase in trading volume was observed. Alongside the rise in market volatility, traders became active in both buying and selling. Among these actions, a greater inclination toward buying is evident due to the prevailing bullish sentiment in the market.
The prevailing market bias is bullish, which is clearly indicated by the Bollinger Bands indicator. The upper standard deviation displays greater divergence than the lower standard deviation, signifying the dominance of the bulls. As the price continues its rally, the next potential halting point could be the $9.33 price level.
LPT/USD 4-Hour Chart Outlook
The Livepeer market, as observed from the 4-hour chart, is slightly positioned below the 20-day moving average. It is trying to surpass the $6.450 support level, which has proven resilient against the intense bear market stemming from the $9.33 peak. Since August 14, this demand level has effectively prevented further bearish movement.
At present, the Relative Strength Index (RSI) indicates a state of equilibrium within the market. The RSI line is showing a shift towards an upward trajectory. A similar trend is evident in the Moving Average Convergence and Divergence (MACD) indicator. The market is now in pursuit of reaching the $9.33 level.
