Livepeer (LPT) Rallies After Huobi Listing
LPT Moves Higher After Major Pullback
The Livepeer network token LPT gained strong upside momentum after it was listed on Huobi.
Livepeer network is built on Ethereum which is used for live and on-demand video. Unlike traditional services like Google’s YouTube, Livepeer is not hosting or storing videos. Instead, it aims to provide technology that allows video makers to share their videos with consumers.
According to CoinMarketCap, LPT is ranked 93 in the top-100 list of biggest coins by market capitalization with a market cap of roughly $950 million. At this point, it looks that LPT has a good chance to get back above the $1 billion market cap mark.
A Move Above The 50 EMA Provides An Opportunity To Gain Strong Upside Momentum
LPT managed to settle above the 50 EMA at $40.95 and is trying to settle above the next material resistance level which is located at $46. RSI remains in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge.
If LPT gets above the $46 level, it will head towards the next resistance at $49. A move above this level will push LPT towards the resistance at $51.25.
On the support side, the previous resistance at the 50 EMA will serve as the first support level for LPT. If LPT declines below the 50 EMA, it will head towards the support at $37.85. A successful test of the support at $37.85 will push LPT towards the next support at $32.50.
Taking a look at H1 chart, we can seen that RSI has moved back into the overbought territory, which means that the risk of a pullback in the near term is increasing.
However, it should be noted that it will not take too much time for RSI on the H1 chart to get back into the moderate territory, so it’s not a material problem for LPT bulls.
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