Livepeer (LPT) Price Could Increase By More Than 70% In The Future
The Livepeer (LPT) price bounced from the previous strong resistance zone and broken above a short-term pattern. It is expected to continue rising in the near future.
The Livepeer (LPT) price increased by 128% in the week from August 7 to 13 and decisively broke above the strong resistance zone at $5.4. Subsequently, the price returned to confirm this area as support twice in October (2 green arrows).
This is a highly bullish development, indicating a shift in sentiment from selling on rallies to buying on dips, marking the beginning of a new uptrend.
The weekly RSI supports the continuation of the uptrend, confirming the 50 level as support and trending upward.
If the upward momentum persists, the LPT price could rise to the next significant resistance zone at $12. This figure corresponds to a 74% increase from the current price.
Short-Term Pattern Breakout
The daily chart shows that the LPT price has been trading within a falling wedge since reaching the high of $9.26 on August 13. This is a bullish pattern often leading to breakouts in most cases.
Indeed, the price has broken above the pattern and confirmed it as support on November 9 (green arrow), signaling the continuation of the previous uptrend.
The daily RSI has broken above the descending resistance line and is maintaining above the 50 level. Both are bullish signals, indicating that the price is likely to rise further soon.
Therefore, the LPT price could rise to the nearest resistance zone at $8.27 in the coming days.
The most likely scenario suggests that the LPT price will continue to rise in the near future. The immediate target is $8.27, with further potential to reach $12.
This bullish outlook would be invalidated if the price breaks down below the crucial support zone at $5.4. However, this seems unlikely at the current moment.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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