Livepeer to Surge +650% After Breaking 17-Month Resistance: Why You Should Be Bullish on LPT Over Any Memecoin

The native token of decentralized video infrastructure protocol Livepeer (LPT) has staged a massive breakout today. According to noted crypto analyst Team LAMBO Charts, LPT has now decisively moved above a key descending trendline that had been capping its price action since September 2022.

In the wake of this technical breakout, LPT prices have spiked as much as +57% in just the last 24 hours of trading. Team LAMBO Charts believes this surge is just the beginning, with profit potential of up to $100 in the long term, which will be close to 700% pump. They see shorter-term targets of $20 and $50 being reached first.

Fundamental Tailwinds for LPT Adoption

The technical breakout has coincided with growing buzz around Livepeer and its underlying video infrastructure technology. In a recent tweet, analyst Crypto Panda outlined several reasons why they are bullish on LPT over memecoins and other speculative altcoins:

  1. Livepeer is highlighted in Messari research for its innovative “Depin” edge computing solution
  2. Beneficiary of AI/OpenAI video model hype and developer activity
  3. Backing from Grayscale’s 5% stake offers potential tailwind if included in future crypto ETF
  4. Signs of accumulation and bottoming market structure for LPT
  5. Over $50 million in funding from top VCs against modest $316 million market cap

With fundamentals and technicals aligning, Crypto Panda believes LPT warrants consideration as crypto markets appear to be resetting and gearing up for the next bull cycle.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.