Livepeer Token Surges after Major exchange Listings
On friday, May 30, the Livepeer (LPT) token reached its highest point since January 23. This surge happened as other cryptocurrencies were declining. The price of LPT climbed to $12.22, a 265% increase from its lowest point this month.
The token’s rise was accompanied by a high trading volume. In just 24 hours, the volume reached over $1.4 billion. This spike came after Livepeer was listed on dYdX and Upbit. dYdX is a top decentralized finance platform, and Upbit is the largest exchange in South korea.
However, these gains might be short-lived. on-chain data shows that the supply of LPT on exchanges increased to over 2.3 million on Friday. This is the biggest jump as December last year. When more tokens flow into exchanges, it frequently enough means investors are taking profits.
Another factor is the funding rate, which has dropped to minus 1.7%, the lowest in months. A falling funding rate suggests traders expect the price to drop in the future.
Livepeer also gained attention after Grayscale included it in its list of top AI crypto projects. Other coins on the list include Bittensor, Near, Render, and Worldcoin.
Technically, LPT surged suddenly, breaking above key resistance at $6.67. It also climbed above the 50-day and 100-day Exponential Moving Averages. however, the most likely scenario is a loss of momentum and a pullback towards the $6.67 support level.
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