Livepeer price spikes by 17 rise in profittaking
Livepeer (LPT) has recently surged to become the top performer among the top 100 cryptocurrencies, experiencing a significant price rally. However, this upward trend may soon face a sharp reversal as investors look to take profits.
Over the past 24 hours, LPT has increased by 17.7% and is currently trading at $24.5. The cryptocurrency reached an intraday high of $26.16 earlier today, pushing its market cap above $800 million and securing its spot in the top 100 cryptocurrencies list at 95th place.
Additionally, Livepeer has seen a notable spike in daily trading volume, surging by 108% to reach $140 million.
Launched in 2017 as the first decentralized and open-source live video streaming platform, Livepeer’s native token hit an all-time low of $0.42 in March 2020. However, the 2021 bull market propelled LPT to an all-time high of $100.24 on November 9, 2021.
Data from Santiment reveals that the LPT exchange inflow rose by 115% in the past 24 hours, indicating a surge from 60,638 tokens to 130,250 LPT coins. This increase suggests that some investors, including whales, are looking to capitalize on short-term gains.
Conversely, the Livepeer exchange outflow increased by 42% over the same period, climbing from 74,984 coins to 106,630 tokens. This movement indicates that certain holders are seeking to make long-term investments.
The relative strength index (RSI) for LPT has risen from 48 to 61 in the past day, suggesting that Livepeer is slightly overbought at the moment.
As a result of the heightened trading volume, exchange inflows, and RSI, Livepeer could potentially experience increased price volatility in the near future.
For more insights into the cryptocurrency market, check out the latest Pepe price forecast to understand why the $PEPE token is rebounding.
