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In the previous 24 hours, bear domination has been overwhelming in the Livepeer (LPT) market, with prices falling as low as $7.32. This bear run, however, was short-lived as bulls pounced into the market before hitting resistance at $7.78. The bullish attempt to control the LPT market has catapulted the price to $7.57 by 1.30% as of press time.
The market capitalization grew by 1.27% to $204,951,833 as a consequence of purchasers entering the market; however, traders should be aware that the bull run may be short-lived, since 24-hour trading volume plunged by 77.74% to $19,087,089.
On the LPT 1-hour price chart, a bullish crossover is visible, indicating that the market is in the process of a strong bull run. The 50-day MA is at 7.4567052, while the 100-day MA is at 7.0931743, validating this thesis. This movement suggests that bearish rule in the Livepeer market will be broken in the short term, raising prospects for a bull recovery.
The stochastic RSI reading of 82.34 reveals that bulls’ attempts to recapture the market are valid, since this level indicates that the market is oversold. This shift increases traders’ hope for a probable reversal by implying the end of the current downward tendency.
According to the Williams alligator, the three lines are going upstream with an open mouth, symbolizing this positive momentum. The red (teeth), blue (jaw), and green (lips) lines all cross at 7.5051353, 7.4989253, and 7.4984389, respectively. The LPT price movement over the alligator’s mouth, which indicates that bullish superiority will last, reinforces this bull run, indicating the market’s favorable outlook.
However, the True Strength Indicator (TSI) crosses below its signal line with a reading of 1.1190, warning traders that the bullish domination may be transitory. This action calls into question bulls’ attempts to reclaim and control the Livepeer market.
The optimistic trend in the LPT market is anticipated to continue as long as bulls can hold the resistance level.
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