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The Livepeer token has seen considerable price increases in today’s trading activity. Meanwhile, market forces have introduced a contraction, causing the market to retreat below an impactful technical barrier. Nevertheless, bulls are still holding out quite well against headwinds, considering the amount of profit the session still holds.
Key Price Levels:
Resistance: $20, $25, and $30
Support: $15, $10, and $5
LPT Buyers Retain Decent Gains in the Session
Price action in the Livepeer daily price chart suggests that downward forces have delivered some pressure on price movement. This has resulted in the market retreating below the crossed lines of the 50- and 100-day Exponential Moving Average (EMA) lines. However, the current session can be seen standing directly above the converging lines of the 20- and 200-day EMA lines. Meanwhile, the Stochastic Relative Strength Index (SRSI) lines can be seen to have reached the overbought region.
The leading line of this indicator can be seen trending sideways exactly at the indicator’s 100 level. Considering the convergence of the EMA lines below the last price candle on this chart, the market may progress further upwards. This will retain the allure of bullish crypto signals in this market.
Upside Forces in the Livepeer Market Appear to Remain Active
Price activity can be seen rising smoothly upwards and has crossed above all the EMA lines on the LPT 4-hour chart. The price candle representing the ongoing session can be seen to have no upper shadow but a long lower shadow.
This reveals that upside forces are pushing prices. Likewise, the SRSI indicator lines rise steeply upward into the overbought region following the recent upside crossover. All the EMA lines also appear more convergent, signaling that upside forces may gain more momentum. Therefore, traders may target the $18.00 price level.
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