Livepeer (LPT) Price Action Perches on a Key Support

The price of the Livepeer token has increased by approximately 5% today. This happened after price movements seemed to have hit a strong resistance near the $8.00 price mark. Nevertheless, the behavior of price action in the ongoing session seems to hint that buyers are preparing to rechallenge the previously encountered resistance that was mentioned earlier.

LPT Statistics:
Livepeer Value Now: $6.83
Livepeer Market Cap: $196,482,693
LPT Circulating Supply: 28,733,303
LPT Total Supply: 28,733,303
Livepeer CoinMarketCap Ranking: 133

Major Price Levels:
Top: $6.82, $7.50, and $8.50
Base: $6.50, $6.00, and $5.50

Livepeer Buyers May Have Found a Sure Footing For an Upside Rebound

As earlier mentioned, price action in the Livepeer market has previously approached the $8.00 price mark. However, it appears that this caused price action in this market to come under a moderate headwind, which induced some downside corrections in price movements. However, the ongoing session seems to have started on good ground, as its price candle appeared sitting atop the 9-day Simple Moving Average (SMA) and the Fibonacci Retracement level of 50.

But on the contrary, the Stochastic Relative Strength Index (RSI) indicator lines are oriented toward the oversold area of the indicator. It is only through careful observation that one would see a slight correction in the bearing of the leading line of this indicator. Nevertheless, the two earlier-mentioned indications of the SMA and the Fibonacci Retracement Tool cannot be ignored.

LPT Shows More Bullish Indications

A smaller time frame of the 4-hour LPTUSDT market shows that buyers may be picking up some strong bullish indications. Consequently, this is likely to result in a revisit of the $8.00 resistance price level. The last price candle here can be seen sitting comfortably on the 9-day SMA curve. As a result, this has placed price action between the 9- and 21-day SMA lines.

Meanwhile, the RSI indicator lines continue to rise in the direction of the overbought region. Therefore, this signals that bullish momentum may increase in this market. Subsequently, this may cause price action to climb back towards $8.0 and perhaps the $8.50 price mark.

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