- The LPT price reclaims the daily-20 EMA Line
- The LPT/BTC pair was trading at 0.001166 BTC with a gain of 31.83%
- The 24-hours volume for the LPT token is $315.2 Million, indicating a 315.6% hike
As mentioned in my previous article on Livepeer, The LPT token tried to bounce from the 0.5 Fibonacci retracement level; however, the price faced strong resistance from the near resistance level of $75 mark and continues this correction.
Furthermore, on November 18th, the token price plunged to the 0.618n FIB level and started experiencing some demand pressure. Thus, after a week, the price bounced from this level with a huge bullish engulfing candle, suggesting the bulls are back into the business.
Concerning the EMAs, the LPT token maintains a bullish trend as its price moves above the crucial EMAs of (20, 50, 100, and 200). In addition, the RSI value is 63, indicating a bullish sentiment within the LPT token.
The LPT Token Chart In The 4-hour Time Frame
The LPT price is currently 45% up from its support level and aims to rechallenge in the $10 resistance. This recovery phase has reclaimed an important resistance level of $57.6, which is now flipped to a possible support level in case of another minor pullback.
The current price of the LPT token is $63.7, with an intraday 11.18% gain. However, the token price still needs to breach the nearest barrier of the $74.5 mark before reaching the All-Time High of $100.The moving average convergence/divergence indicator supports the ongoing rally as its line has recently crossed above the neutral zone.
Conclusion: From a technical perspective, the overall trend of the LPT token is bullish. And, as mentioned, the token chart displays some positive factors for the price about continuing its bull rally. Anyhow, a proper confirmation for this long traders would be obtained when the price breaches the $100 mark.
Support: $57.5
Resistance: $75