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Livepeer (LPT) Heats Up with a 498% Volume Surge and 14% Price Spike, Is a Breakout Rally on Deck?
Bearish momentum continues to weigh on crypto assets with the largest assets, Bitcoin (BTC) and Ethereum (ETH), tumbling toward $104.7K and $2.6K, respectively. All the major assets are trading within the red territory. In the meantime, Livepeer (LPT) has stood out from the crowd with a 14.25% surge in the last 24 hours
Livepeer has kicked off the day trading at the bottom range at $7.57. The sudden bullish encounter in the market has triggered the price to ascend to its daily high of $10.71. Crucial resistance between the $8.75 and $9.50 zones was tested and confirmed the bullish wave
Livepeer, with its market cap at $366.26 million, is trading at the level of $8.88. Moreover, the daily trading volume has exploded upward by over 498%, reaching $1.06 billion, as per CMC data Notably, the market has experienced a $4.08 million liquidation of Livepeer, according to Coinglass
LPT has registered an increase of over 58.80% in the last seven days. The asset began the week trading in the $5.60 range. The bullish pressure has pushed the price to mount to a high of around the $13 mark
Is Livepeer’s Uptrend Here to Stay?
Livepeer has reported a positive trading sentiment in the market with its solid gain in the recent session The asset might climb above the $9 range to strengthen the momentum. Gradually, a golden cross could likely unfold and trigger the asset to move up toward the $10 threshold.
Assuming the ongoing trend reversal of the asset, the price could slip to its recent low at around the $8.70 mark. Should Livepeer lose this support, the bears gain enough power to invite the death cross to take place, pulling the price back to its established low at the $8 level
Furthermore, the daily Relative Strength Index (RSI) value of 52.12 hints at a neutral momentum with a slight bullish bias; the asset is neither overbought nor oversold. Livepeer’s Bull Bear Power (BBP) reading is found at 0.219, signalling that the bulls are moderately dominant over bears, supporting the short-term bullish outlook.
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