Quick Summary:
- Livepeer (LPT) crashes over 29% in 24 hours, now trading around $9.40.
- Despite this drop, LPT surged 67% in the past 7 days.
- Price hit a weekly high of $13.35 before pulling back.
- Trading volume increased to $2.89 billion (+10.96%).
- $13.28 million worth of LPT liquidated.
- MACD crossover indicates bullish potential.
- RSI at 58.53 and CMF at 0.05 signal neutral-to-bullish sentiment.
- Could break above $9.90, or fall below $9.42 depending on momentum.
LPT’s Wild Weekly Ride
Livepeer (LPT), a decentralized video streaming network, stunned the market with a 67% rally over the past week, reaching a high of $13.35. However, the excitement was short-lived. In the last 24 hours, LPT plunged over 29.33%, dragging its price down to the $9.40 range, with a daily low of $9.39.
Despite the dip, Livepeer’s market cap stands strong at $386 million, and the trading volume surged by 10.96%, totaling $2.89 billion. Meanwhile, $13.28 million in LPT liquidations has added to the sell pressure.
LPT chart (Source: TradingView)
Technical Breakdown: Is LPT Still Bullish?
On the 4-hour chart, Livepeer has shown signs of being in a bullish trading zone, and the price could attempt to reclaim levels above $9.90, possibly inching toward the $10 mark.
Yet, key support sits at $9.42. If LPT falls below this level, a death cross might appear on the charts—often a bearish indicator—suggesting further downside and possibly revisiting previous lows.
Indicators Hint at a Possible Recovery
MACD:
The MACD line has crossed above the signal line, suggesting bullish momentum. This typically signals a potential buying opportunity for traders.
RSI:
With an RSI of 58.53, LPT sits in neutral to slightly bullish territory. This indicates there’s still room for either a breakout or another pullback.
CMF:
The Chaikin Money Flow (CMF) is at 0.05, pointing to mild buying pressure. Investors are still funneling capital into the asset, hinting at underlying confidence.
BBP (Bull Bear Power):
LPT’s BBP reading is 1.011, signaling moderate bullish momentum. This is another green light for potential short-term gains if current support holds.
Will Livepeer Break Out or Break Down?
The next 24 to 48 hours will be critical for LPT. If it sustains above $9.42 and breaks through $9.90, the bulls might push it beyond $10. However, failure to hold above support could confirm a bearish trend.
Investors and traders should closely watch:
- MACD cross confirmation
- RSI behavior near the 60 mark
- Price movement around the $9.42 support
For a detailed LPT chart, visit TradingView’s Livepeer Chart (DoFollow link).
Conclusion
While Livepeer (LPT) is under short-term pressure, the weekly chart shows it’s still up significantly. Indicators like MACD, RSI, and CMF reflect moderate bullish momentum, but bears are lurking.
If you’re considering entering the market or holding your current position, keep a close eye on support at $9.42 and the resistance near $9.90–$10. The coming days will determine if LPT sets up for a breakout rally—or if it’s time for a cautious retreat.