Livepeer (LPT) Price Surges 50% as AI Narrative Gains Momentum

Key Takeaways

• Livepeer (LPT) leads the market with a 10% daily surge and a 50% gain over the past week.
• The recent Upbit listing increased buying pressure, helping LPT reach $10.
• LPT’s price broke above a falling wedge, with analysis showing that it could break above $14.

At a time when most cryptocurrencies are either stuck in sideways movement or facing corrections, Livepeer (LPT) has broken away from the pack. In the last 24 hours alone, the Livepeer crypto price has surged by 10%.

This price increase makes it the top-performing asset among the top 300 cryptocurrencies.

The altcoin is now up 50% on a seven-day basis, pushing LPT’s price to $8.93 at press time.

So, what’s fueling this unexpected breakout? More importantly, what’s next for the AI-themed cryptocurrency in the short term? Here’s a closer look at the catalysts behind the rally.

LPT Rallies, Then Pulls Back

One major catalyst for LPT’s price surge was its listing on the South Korean exchange Upbit on May 30. As is typical with new listings on the exchange, trading volume spiked, and buying pressure intensified.

Due to this, the Livepeer crypto price surpassed $10 earlier. But as of this writing, it has pulled back below $9.

Despite the retracement, LPT’s technical setup on the 4-hour chart suggests that a rebound could be close. As seen below, the altcoin’s price surged to $10.61 after breaking above the upper trendline of a falling wedge.

While the image below shows a bearish engulfing candle, the Bull Bear Power (BBP) reveals that a bounce off the lower is likely. When the BBP is negative, bears are dominant, and the price can decrease.

But in this case, the bulls are holding their ground with green histogram bars on the chart.

If this trend continues, the Livepeer crypto price might retest $10 and trade higher.

However, this bullish scenario is likely to hold only if LPT maintains support above $8.89 or doesn’t slip below the $7.61 level.

Sentiment Bullish

Following the recent price action, on-chain data from Santiment reveals a notable change in market sentiment. Just yesterday, Weighted Sentiment for the AI-themed token was in negative territory.

Today, it has jumped to 2.06 — a strong indication that online chatter around LPT has turned bullish.

If this positive sentiment persists, it could fuel increased demand for the altcoin, potentially driving the Liverpeer crypto price higher.

LPT Price Analysis: Gains Ahead

On the daily chart, CCN observed that the Moving Average Convergence Divergence (MACD) continues to post a positive reading — a sign that bullish momentum remains intact.

This supports the view that LPT’s rally may still have room to run. Adding to the optimism, the Exponential Moving Averages (EMA) have formed a bullish crossover, which occurs when a shorter-term EMA moves above a longer-term one.

In this case, the 12 EMA (blue) has climbed above the 26 EMA (orange), reinforcing the positive bias.

Beyond that, the Supertrend indicator shows its green line positioned below the current price — a sign of strong support. Had the red line appeared above the price instead, it would have indicated potential resistance.

If this trend continues, the Livepeer crypto price might break the overhead resistance at $11.54. If that is the case, the next target for LPT could be $14.08.

If buying pressure intensifies, LPT’s price might surge to $16.63 near the 0.382 Fibonacci level.

On the contrary, if profit-taking rises, this prediction might not pass, and LPT might decline below $8.