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An innovative platform built to make video streaming easy, Livepeer has been suffering its fair share of the volatile nature of cryptocurrency.
On August 13, the coin increased by 48%, but the spike was short-lived due to low buying activities. As of 4:40 am EST, the Livepeer ($LPT) price is down by over 7% in the last 24 hours, trading at $7.59.
Could Livepeer ($LPT) Survive This Dip?
While Livepeer token $LPT is down today, the 7-Day price performance is showcasing bullish movement as it is up by more than 30%. In addition, $LPT went up by 87% & 62% over the past 14 and 30-day trading sessions.
This suggests that there has been a broader positive sentiment, indicating high buying strength in the asset in the longer timeframe and more potential for growth.
Livepeer ($LPT) Daily Chart
According to the daily chart, the coin is trading above the Bollinger Bands Indicator and expanding massively, suggesting that LPT’s price is growing and its swings are increasing.
This signals bullish solid interest and also shows many buyers and positive momentum. This could keep pushing the price up for a short time. The combination of trading above the upper Bollinger Band and an expanding range implies that the upward momentum might continue in the short term.
Also, the Moving Average Convergence Divergence (MACD) above its signal line suggests potential bullish momentum. This aligns with the coin’s above-Bollinger Bands situation, indicating positive market sentiment and a possible continuation of upward movement.
However, a Relative Strength Index (RSI) value of 70 indicates that the coin might be overbought. This could suggest that the recent price increase has been solid and fast, potentially leading to a short-term correction or consolidation.
While the MACD and above-Bollinger Bands suggest bullish sentiment, the high RSI suggests caution, which might indicate a possible reversal or pullback in the near term.
However, traders and investors should exercise caution, conduct thorough research, and consider a combination of technical and fundamental factors when making decisions.
Factors Affecting the Price of LPT Token
The recent price drop of $LPT can be attributed to a notable difference in short and long liquidation within 24 hours.
Short liquidations, where traders close their positions in anticipation of a falling price, have surpassed long liquidations, where traders exit positions to avoid losses in a rising market.
This trend suggests that more traders anticipated a decline, leading to increased selling pressure. The higher short liquidation also indicates a prevailing bearish sentiment, reflecting concerns among traders about the asset’s immediate future.
Moreover, the coin is witnessing reduced interest and engagement, which can intensify selling pressure and contribute to the coin’s decline in value.
Could Wall Street Memes Explode 10X After Presale Raises $23.7 Million?
Following an impressive presale that secured a substantial $23.7 million, traders and experts have united to support the Wall Street Memes cryptocurrency. They foresee potential increases of tenfold or more when it becomes available for trading on exchanges.
The presale started in late May and is almost done. As more people learn about it, there’s only one day left until the price goes up in the next phase. Interested investors should visit the site to grab the coins at this lower price.
Top Analysts Are Backing This Coin
Since Wall Street Memes was introduced, many leading experts have supported the coin, anticipating substantial profits after it becomes available on exchanges. A well-known crypto predictor, No Bs Crypto, recognized for accurate forecasts, recently discussed the Wall Street Memes Project. In the video, he emphasized that despite his usual lack of interest in meme coins, Wall Street Memes show considerable promise.
Its existing base of a million followers and interactions with Elon Musk is a significant attraction. In addition, well-known YouTuber Jacob Crypto Bury, who has been supporting Wall Street Memes from its early stages, forecasted returns of 10 times the investment.
Wall Street Memes stands out by combining effective long-term tokenomics with the allure of community incentives. The coin will be entirely community-owned, distributing 50% of tokens during the presale, 30% for community rewards, 10% to DEX liquidity, and 10% to CEX liquidity.
Size doesn't matter, right? pic.twitter.com/o7cYgMruHU
— Wall Street Memes (@wallstmemes) August 13, 2023
The reward will be divided among five lucky community participants, each having the opportunity to win up to seven times by performing straightforward tasks, such as following the Wall Street Memes Twitter account.
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