Livepeer’s token, LPT, has seen incredible growth over the past couple of days, but its peak was yesterday on March 14th, 2024.
Yesterday, the price of LPT reached a new high from 2023, slowly bringing it back up to its past bull market highs of 2021 and 2022.
LPT Continues Price Gains
LPT surged around 34% in just one day yesterday giving surprise to its holders that have been holding on to the crypto for a while.
The movement comes as a surprise because there has been no significant positive news yet, especially yesterday.
On their Twitter (X) account, Livepeer only did one Twitter Space yesterday and in that space, there was no talk of a new plan going forward to increase the quality of Livepeer.
Looking at the long term however, yesterday’s price increase seems to be a continuation of the price movement from one month ago.
Calculating the price gain from February 14th, 2024, the price of LPT has been increasing around 275% which is huge considering there are not much development going on that is shared by the team publicly.
Because not many have been holding on to LPT for a while, most investors had no idea why the price pumped significantly yesterday, surprising most into FOMO that sadly got a loss if they just bought in yesterday.
The loss came from the sudden correction that happened today after the whole crypto market experienced corrections across the board.
Brief Correction Ahead
The current correction that is led by Bitcoin seems to impact most of the altcoins, especially the lower market capitalization ones, including LPT.
Currently LPT is also going down, probably due to the fact that some investors are taking profit and keeping their capital safe.
The correction happened after the US inflation data came into the market, creating fears among inventors that the market condition might come back to when it was at 2022.
Looking at the LPT price it seems that correction is going to be the movement for a couple of days ahead as the buying volume is also showing signs of an overbought condition.
The current support zone for LPT currently stands at around $20 mark with potential continuation to the $15 to $12 mark.
But looking at the conditions around crypto right now, this might be just a brief correction before going further upwards.
The correction might also be prompted by the fact that Bitcoin Halving is closer than most people think.
Usually when halving happens, the price of most cryptocurrencies goes down, which is why this might be the start of that movement before all the price skyrockets.
Coming back to LPT, it is good to keep an eye out for any new positive news in terms of new development plans or partnership.
This is because in the short run, those news will probably get LPT up and running again, going back to its previous highs of the 2021 bull market.
If you are planning to bet on the movement of LPT, do not forget to always use proper risk management so that your capital can be kept safe for the long run.
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