The crypto markets appear to have reached the end of the first phase of the bull run, as the token has demonstrated sufficient strength. While actively combating bearish pressure, Livepeer’s price displayed a massive breakout. Market participants became extremely optimistic about the token following the release of ‘Sora’, OpenAI’s text-to-speech video model capable of producing videos lasting up to 60 seconds.
Sora can create videos with intricate scenes and complex camera motions involving multiple characters. Soon after, the LPT price experienced a significant shift, fueled by the team’s message to bring these capabilities to the Livepeer network. The goal is to provide affordable and open access points for developers, creators, and users who want to do something unique with generative video.
This lifted the LPT price from a prolonged consolidation range of $5 to $8, establishing new yearly highs at $15. However, this has resulted in a short sale, but the bullish dominance does not appear to be matched at this time, as the likelihood of exceeding the pivotal resistance of $16.57 remains high.
A single daily bullish candle lifted the LPT price above the multi-year resistance zone of $10.80 to $12.90. This has triggered bearish pressure, but they have been unable to push the price below the range. Furthermore, the volume inflow has increased daily since the beginning of Q4 2023, giving the bulls the necessary momentum. Furthermore, the Gaussian channel, which is used to determine the direction of the price trend, shows a reduction in selling pressure. The price has risen from the channel’s lower boundary to surpass the upper boundary, indicating an impending trend reversal.
In addition, the weekly RSI has soared, approaching levels last seen during the 2021 bull run peak. As a result, a shift in momentum may occur over the weekend, pushing the price above the critical resistance level of $17. Despite the ongoing bearish interference, the Livepeer (LPT) price continues to trade bullishly, with a target of around $20 before the end of the month.
