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:
- Livepeer is highlighted in Messari research for its innovative “Depin” edge computing solution
- Beneficiary of AI/OpenAI video model hype and developer activity
- Backing from Grayscale’s 5% stake offers potential tailwind if included in future crypto ETF
- Signs of accumulation and bottoming market structure for LPT
- 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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