Livepeer (LPT) Eyes Nearby Resistance at $7.00

After the Livepeer token price rallied close to the $8.00 mark on the 12th of this month (August), headwinds were revived and caused price action to retrace support near the $5.80 mark. However, yesterday’s trading session brought some recovery to price action as it rose through the $6.00 mark.

LPT Statistics:
Livepeer Value Now: $6.58
LPT Market Cap: $189,654,645
Livepeer Circulating Supply: 28,795,660 LPT
LPT Total Supply: 28,795,660 LPT
LPT CoinMarketCap Ranking: 131

Major Price Levels:
Top: $6.58, $7.00, and $7.50
Base: $6.08, $5.58, and $5.08

Livepeer Keeps Trading Above the 9-Day Moving Average

Trading activities in the LPTUSDT daily market continue to happen above the 9- and 21-day Smooth Moving Average lines. This is happening following the previous session’s upside correction that occurred off the 21-day SMA curve.

However, the last candle can be seen with a long upper shadow, while there is none at the base. Consequently, this suggests that bears are exerting some downward pressure. Nevertheless, the Relative Strength Index indicator shows that upside momentum is still on via a delivered crossover in the heart of the oversold. By implication, this seems to suggest that there may be further price increases in this market.

LPT Retains Upside Prospects Despite Minimal Downward Correction

In the Livepeer 4-hour market, it could be seen that price movement seems to have hit a brick wall even now. As a result, price action has reacted with a correction towards lower price levels. Nevertheless, trading continues to occur above the 9- and 21-day SMA curves.

Also, following the minimal downward correction, the RSI indicator lines had earlier started trending towards the 80 mark from above it. But it could be seen now that these lines have converged for a crossover, which will deliver more upside traction to this market. Consequently, this upside retracement may still take prices above the $7.00 resistance mark.

Buy LPT on eToro