Livepeer LPT/USD has weakened from its record highs above $100, registered on 09th November, to $60.8, while the current price stands at $68. Technically looking, LPT remains in a correction phase, and the risk of further decline still persists.
Decentralized video streaming network
Livepeer is a decentralized video streaming network built on the Ethereum blockchain that offers the infrastructure for video streaming applications at a highly efficient price and infinite scale.
Livepeer network is highly scalable, and it can serve as the live media layer, which provides an economically efficient alternative to centralized broadcasting solutions for any existing broadcaster.
The actual distribution of live video from the source to a large number of consumers and the economic incentives for encouraging participation in the network are two major areas that Livepeer protocol needs to address.
The Livepeer protocol is designed to allow any node to send a live video into the network and allow participants to contribute their processing power in the service of transcoding and distributing the video.
It is important to say that all participants that contribute with their processing power in the distribution of video are compensated accordingly. LPT is the protocol token of the Livepeer network, but it is not the medium of an exchange token.
LPT plays a crucial role in the Livepeer ecosystem, it serves as a bonding mechanism and routes work through the network in proportion to the amount of staked and delegated tokens. The team of Livepeer added:
Broadcasters use ETH to broadcast video on the network, while nodes who contribute processing and bandwidth earn ETH in the form of fees from broadcasters. LPT is a staking token that participants who want to perform work on the network stake in order to coordinate how work gets distributed on the network and to provide security that the work will get done honestly and correctly.
Livepeer (LPT) has exploded since the beginning of November 2021, and if you decide to buy this cryptocurrency at the current price, you should use a “stop-loss” order because the risk remains high. The daily volume of LPT remains high, but technically looking, it remains in a correction phase.
$50 represents strong support
Livepeer (LPT) has been one of the best performers on the cryptocurrency market this trading week, and the price of this cryptocurrency reached record highs above $100 this Tuesday.
LPT has extended its correction from the record highs this Wednesday, but if the price jumps again above $80 resistance, it would be a signal to buy LPT. The next price target could be around $90 or even above; still, if the price falls below $50 support, it would be a strong “sell” signal.
Summary
Livepeer (LPT) has exploded since November 2021 and reached record highs above $100 this Tuesday. Since then, the price has weakened, and the risk of further decline still persists. On the other side, if the price jumps again above $80 resistance, it would be a signal to buy LPT, and the next price target could be around $90 or even above.
The post Livepeer (LPT) price prediction after the current correction appeared first on Invezz.
from Market Analysis – Invezz
