Livepeer price analysis: Livepeer gains 53 percent as it peaks at $54, a retracement ahead?

Livepeer price analysis Livepeer gains percent as it peaks at a retracement ahead

TL;DR Breakdown

  • LPT price has reached the $54.7 limit.
  • Livepeer price analysis confirms bullish lead.
  • Support is prominently strong at $34.22.

Livepeer price analysis reveals that the token is on a high flight, gaining more than 109 percent over the past week alone. LPT/USD has been riding the bullish wave from 28th October as the price trend is straight up since then, with only three nominal corrections during this time at 1st, 3rd, and 5th November.

Overall, LPT has been showing some good progress since the end of July, but from 22nd August, the trends changed, and the price trend remained downwards till 28th September when LPT reached down to $15.7 level. However, LPT geared up right back and marked a few higher highs on 14th and 19th October with retracing in between, and the highest spike was observed yesterday when the token rallied to $49 following the Bitcoin’s rally higher.

LPT/USD 1-day price chart: Price hits $54.8 high as bullish trend aggravates

The 1-day price chart for Livepeer price analysis shows that the token has reached the $54.8 mark at the time of writing, gaining 53 percent value, and reports 109 percent gains over the course of the last seven days. The trading volume has surged by 442 percent during this time which indicates the traders’ keenness on the token as the surge in trading volume is not in ordinary figures. The market cap also shows an improvement of 41 percent.

Livepeer price analysis: Livepeer gains 53 percent as it peaks at $54, a retracement ahead? 1
LPT/USD 1-day price chart. Source: Tradingview

The token is in the high volatility phase right now as the price spike is outrageous, the upper Bollinger band on the 1-day chart is at the $46 mark, representing support for the token price, and the lower band has moved down to the $13.4 mark, making an average at the $30 mark, representing the second layer of support technically for the LPT/USD pair.

The LPT/USD token is also oversold at this moment as the relative strength index (RSI) has been trading in the oversold region from 7th November and still continues to trade on an upwards curve line indicating high buying activity in the market.

Livepeer price analysis: Recent developments and further technical indications

The 4-hour Livepeer price analysis shows that the token after reaching $56.99 has retraced back to $54.9 as the last candlestick on the 4-hour chart is red, indicating a drop in price recently, but as the RSI is still in overbought limit and the bullish progression is fast and aggressive, this downtrend may not last for long and the price may start moving up again.

Livepeer price analysis: Livepeer gains 53 percent as it peaks at $54, a retracement ahead? 2
LPT/USD 4-hours price chart. Source: Tradingview

The volatility is also high on the 4-hour chart as well, as the volatility indicator now shows the following values: the upper limit at $52 and the lower limit at $23. On the 4-hour chart, the upper limit still acts as a support level for LPT/USD. The RSI shows a downwards curve currently and is trading at index 81, still oversold, but we are confident enough the price may start rising again.

Livepeer price analysis: Conclusion

The Livepeer price analysis is bullish today as the bulls have covered quite a substantial upwards range today, and despite the LPT retracing recently, traders can expect the token to continue upside in the coming hours. A target of $60 does not seem far enough, even $65 is also possible.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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