The Livepeer price is back in bull mode, jumping 50% as dip-buyers emerge at just the right time for the LPT token.
Livepeer (LPT) was one of the best performing cryptocurrencies at the start of November. The video-streaming platform’s native LRP token surged +300% to a record high of $102.61 in the first nine days of the month. However, the gains were short-lived, and the price corrected more than 55% to $44.65 earlier this week. As a result, LPT founds its way back to a significant support level, which as my colleague correctly suggested in his Livepeer report on the 10th, would attract buyers.
After testing support on Wednesday, traders rushed to accumulate tokens, pushing the price 53% higher to today’s $71.83 top. As a result, Livepeer’s market cap has increased to $1.37 billion, ranking it the 91st most-valuable cryptocurrency behind WAX.
The daily chart shows the Livepeer price bounced after perfectly tagging the confluent support just above $45.00. The technical bounce has run into overhead traffic approaching the highest daily close of $74.74, the first big resistance level. However, if LPT ends today above $74.74, I expect momentum to carry it towards the all-time high of $102.61.
As long as the price remains above the rising trend line at $49.90, it should continue to trade with a bullish bias, eventually targeting a new record. On that basis, a close below the trend invalidates the bullish thesis.
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This post was last modified on Nov 26, 2021, 05:59 GMT 05:59