crypto.news
Livepeer ($LPT) has emerged as the top gainer among the top 100 cryptocurrencies with the recent price rally. However, profit-taking could mean a sharp U-turn.
$LPT is up by 17.7% in the past 24 hours and is trading at $24.5 at the time of writing. The asset briefly touched an intraday high of $26.16 earlier today. Livepeer’s price rally helped its market cap surpass the $800 million mark, making its way to the leading 100 cryptocurrencies list — currently sitting on the 95th spot.
Moreover, the daily trading volume of Livepeer increased by 108%, reaching $140 million.
Livepeer was launched in 2017 as the first decentralized and open-source live video streaming platform. Its native token plunged to an all-time low of $0.42 in March 2020. However, the 2021 bull run brought $LPT to an all-time high of $100.24 on Nov. 9, 2021.
According to data provided by Santiment, the $LPT exchange inflow increased by 115% over the past 24 hours — rising from 60,638 tokens to 130,250 $LPT coins. The heightened inflows show that some investors, including whales, are aiming for short-term profits.
Data from the market intelligence platform shows that the Livepeer exchange outflow surged by 42% in the past 24 hours — rising from 74,984 coins to 106,630 tokens. This movement shows that some holders are aiming for long-term investments.
Per Santiment, the $LPT relative strength index (RSI) rose from 48 to 61 over the past day. The indicator shows that Livepeer is slightly overbought at this point.
Consequently, $LPT could potentially witness high price volatility due to the increased trading volume, exchange inflows and RSI.