In times when Bitcoin and other major cryptos are facing strong upward pressure, Livepeer prices have begun to surge. With a 2000% rise in trading volume, the LPT price triggered a strong rise from levels around $5 to mark local highs at around $13.48. The rise in the value is due to the listing on the popular South Korean exchange, Upbit, which has increased its trading volume and market exposure.
Now that the token has triggered a strong upswing and the technicals surge over the upper threshold, is the LPT price heading for a correction?
The historical price chart suggests the price has rebounded from the lowest support around $3.3. In the times when the price has been forming a consecutive higher high and lower low, the listing seems to have come as a blessing in disguise. The rally almost reached the pivotal resistance zone between $11.56 and $12.78 but failed to sustain which may point towards a small correction phase.
As seen in the above chart, these levels have been the trend reversal zone before, and hence, they need to be either broken up or down to flip the ongoing trend. The price surged above the resistance zone during Q1 2024 and remained consolidated throughout the year as it offered a strong base, which turned into a resistance that persists till now. Therefore, rising above this zone is extremely important for the LPT price to reach the neckline of the v-shaped recovery above $21; otherwise, the token may continue to consolidate below the range.
Technically, the bullish dominance over the rally has just started as the weekly MACD has turned bullish after remaining bearish since the start of the year. Besides, the weekly RSI has risen above the descending trend line, hinting towards the beginning of the bullish trend. Therefore, the Livepeer (LPT) price is believed to maintain a consistent ascending trend by withstanding the bearish pressure and eventually rising above the resistance zone.
On the other hand, the token has been attracting significant volume at frequent intervals, which suggests the investors remain vigilant over the token. Therefore, a rise above the range may attract fresh liquidity that may lead the LPT price close to its ATH.
