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Livepeer has seen a significant price increase, placing it among the top-gaining coins. The price candle representing the ongoing session reveals that price action is gaining volatility. Additionally, the market trajectory seems promising for bullish traders. Let’s take a closer look at the market below.
The LPT daily market has maintained a general upward trend since its price action tested the support at $10.56. Since then, price action has been making higher highs. More recently, price activity has been hovering around the upper limit of the Bollinger Bands indicator. The ongoing session has seen a moderate uptick in volatility, favoring the bulls.
As a result, the market broke through the 61.80% Fibonacci retracement level. Although there has been a downward contraction, upside forces retain considerable control, as indicated by the current price candle. Additionally, the Stochastic Relative Strength Index (Stochastic RSI) lines are approaching an upward crossover in the overbought region, hinting that prices may continue to rise.
LPT Market Sees a Moderate Downward Retracement
A price contraction was noticed in the Livepeer daily market, but the 4-hour chart reveals that the latest session has seen a moderate downward correction. Price action has broken out of the contracted bands of the BB indicator, with the market testing the $15.00 price level. This appears to have triggered bearish activity, causing the market to retrace downward to the upper limit of the BB indicator.
Despite this retracement, the Stochastic RSI still has an upward trajectory. The leading line of the indicator is now above the 60 threshold, while the lagging line remains below the 50 threshold. Technically, this indicates that the market is quite volatile. Furthermore, the ongoing session remains above the upper band of the BB indicator, suggesting that traders may continue to rely on crypto signals targeting price levels above the $15.00 mark.
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