On Wednesday, Livepeer token (LPT/USD) price pulled back more than 13%, trimming Tuesday’s gains. Livepeer is a decentralised video streaming network protocol built on blockchain technology. The platform launched in 2017 with the goal of offering an autonomous marketplace for video broadcasters.
In October, it acquired MistServer, a full-featured next-generation streaming media toolkit for over-the-top content designed for developers and integrators. The platform provides an exciting alternative to the rapidly growing video streaming market.
Should you bet on Livepeer’s spike?
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Although Livepeer price pulled back on Wednesday, it still trades significantly higher after surging to trade above $100 on Tuesday. The rally extends back to October when it announced its acquisition of MistServer.
Tuesday’s spike could also have been triggered by its announcement that it would be attending ETHGlobal’s Web3 Jam Hackathon this Friday.
Technically, Livepeer seems to have recently spiked to complete an upward breakout from an ascending channel formation. As a result, the video streaming protocol’s native token price has rallied to the overbought conditions of the 14-day RSI.
However, Wednesday’s pullback creates an opening for investors to swoop in before the rally resumes course. Therefore, investors could target profits at about $74.46, or higher at $100.82, while $46.45 and $22.97 are crucial support levels.
Buy the rebound?
In summary, although Livepeer price recently spiked to set a new all-time high, the LPT/USD seems to have retreated after some profit-takers swooped in, thus creating another entry opportunity.
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