The Livepeer price has stubbornly crawled back in the past few days. LPT, its native token, is trading at $41.13, which is about 30% above the lowest level this month. It has a total market capitalization of more than $1 billion, making it the 110th biggest cryptocurrency in the world.
Livepeer is a fast-growing blockchain platform whose goals are aligned with Theta. The goal is to decentralize the video and streaming industry. It achieves this by using people from around the world who are willing to share their bandwidth.
As such, video streamers can have access to a decentralized CDN, which makes the process relatively faster and less expensive. This process creates a win-win situation. Video creators save money uploading their content while hosts make money for providing their idle resources. To date, more than 12.3 million LPT has been staked while Livepeer has paid more than 333k in fees to hosts.
The four-hour chart shows that the LPT price is attempting to bounce back. The coin has managed to move above the key resistance level at $40, which was the highest level on December 16th. It has also managed to rise above the 25-day and 50-day moving averages while the MACD has moved above the neutral level.
Therefore, I suspect that the bullish trend will continue in the coming days as bulls attempt to test the key resistance at $50. Before doing that. I expect that a break and retest pattern will happen. This is where the price retests the support at $40 and then resumes the bullish trend.
This post was last modified on Dec 23, 2021, 05:59 GMT 05:59