Livepeer (LPT) Price Prediction: LPT Aiming For A Breakout Above The Consolidation Channel

The Livepeer price rose 17% in the last 24 hours to trade at $24.37 as of 03:34 a.m. EST on trading volume that skyrocketed 117% to $139 million.

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The Livepeer price surged 17% over the past 24 hours to trade at $24.37 as of 03:34 a.m. EST on trading volume that skyrocketed 117% to reach $139 million.

This made LPT the top gainer among the largest 100 cryptos by market capitalization, according to CoinMarketCap.

Livepeer Price Aiming For A Breakout Above The Consolidation Channel

The Livepeer price has been on a gradual uptrend since May, rising through a markup phase as it surged to the resistance around $24.48, data from GeckoTerminal shows.

LPT has failed to break above the resistance level, with the token consolidating between the $24.48 and $20.32 levels. As the Livepeer price crossed above the upper boundary of the channel, the bulls could maintain the bullish momentum.

LPT trades above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the strong bullish momentum.

Moreover, the Relative Strength Index (RSI) trades above the 50-midline level at 58, indicating that LPT is poised to break out of the consolidation channel as it moves out of equilibrium.

The Moving Average Convergence Divergence (MACD) also shows signs of the toke hovering above the channel, as the MACD line (blue) crosses above the signal line (orange), a indication of a bullish crossover.

Livepeer Price Prediction

The Livepeer price analysis on the 4-hour chart shows that LPT bulls aim to push the token out of the consolidation channel, next targeting the resistance zone at $27.50.

However, if the bears gain control over the price action within the consolidation channel, LPT could drop back below the channel to reach $18.80.

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