- Livepeer has surged by over 14% and is now trading at $8.
- LPT’s daily trading volume has skyrocketed by more than 498%.
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.
In addition, the asset’s Moving Average Convergence Divergence (MACD) line is positioned above the signal line. This suggests a bullish signal in the market, and the buying pressure may increase. More upside could be underway. Livepeer’s Chaikin Money Flow (CMF) indicator is resting at -0.06, indicating a slight bearish sentiment, with the money flowing out of the asset. There has been more selling pressure than buying.
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.
