The value of the token rejected strong bullish jumps; creating a scenario in which the exhaustion of buyers is evident. The strength of the buyers is quite dominant, for which the fall that has occurred in the last few months is just a correction.

The Livepeer token (LPT) is one of the crypto assets that the latest market crash has affected the least. The following analysis will help understand its performance and predict whether its price will recover or not.

LPT is currently trading at around USD 44.82 and has accumulated a 3.6% loss in the last 24 hours. Its daily trading volume is above USD 67.60 million, and its market capitalization is about USD 1.02 billion. It occupies 112th place in the cryptocurrency ranking, according to CoinGecko.

Some Information about the Livepeer Token

The token is a mechanism that allows coordinating and incentivizing those participating. It helps keep the network as cheap, reliable, and secure as possible.

Currently, 3,444 delegates are working to secure the Livepeer network, and the number is growing.

The team behind the project recently conducted a 2nd funding round in which they raised an additional USD 20 million. That capital would allow them to develop it further.

The Technical Analysis of the Price of Livepeer

The daily chart shows that Livepeer has been one the least affected by the overall bearish tide in the cryptocurrency market.

However, after sharp bullish jumps, the value quickly rejected those attempts. In that way, it created a scenario in which the exhaustion of buyers became evident.

It seems that the losses of LPT will quite probably spread in the short term, as the closest support is at USD 38.50. If the price loses that level, it could look for the next support level at USD 34.09.

It is still too early to think that the bulls have regained control of the market of LPT. Before that, the price has to break through the resistance at USD 44.26.

Predictions about the LPT Price in the Medium/Long Term

The weekly LPT/USDT chart shows that the bullish force is dominant. However, they are getting into trouble due to a strong correction underway.

On the left, the chart shows that the strength of the buyers is quite dominant. For that reason, the fall that has taken place in the last few months is just a correction.

There are not yet clear signs that the price has reached the bottom of its drop before resuming its previous trend.

It seems more likely that more sales will occur in the short term. If the price holds support at USD 35, it is possible to think of a big rally in the short run. However, that support level is at risk.

The above analysis indicates that buyers dominate the LPT market, but the price undergoes a significant correction. After it reaches the bottom, it may resume its bullish trend in the short term.

By Alexander Salazar


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