Livepeer price surges 17%, profit-taking increases

Livepeer (LPT) has emerged as a top performer among the top 100 cryptocurrencies, riding the recent price rally. However, profit-taking could lead to a sharp reversal.

LPT has surged by 17.7% in the last 24 hours, currently trading at $24.5. Earlier today, it briefly reached an intraday high of $26.16. Livepeer's rally has pushed its market cap above $800 million, propelling it into the top 100 cryptocurrencies, currently ranked 95th.

LPT price, RSI and exchange activity – June 13 | Source: Santiment

Furthermore, Livepeer's daily trading volume has increased by 108%, reaching $140 million.

Launched in 2017, Livepeer is the first decentralized and open-source live video streaming platform. Its native token, LPT, reached an all-time low of $0.42 in March 2020. The 2021 bull market, however, propelled LPT to an all-time high of $100.24 on November 9, 2021.

According to data from Santiment, LPT exchange inflow has increased by 115% over the past 24 hours, rising from 60,638 tokens to 130,250 LPT coins. The elevated inflows indicate that some investors, including whales, are seeking short-term gains.

Data from the market intelligence platform also shows that Livepeer exchange outflow has surged by 42% in the past 24 hours, rising from 74,984 coins to 106,630 tokens. This movement suggests that some holders are pursuing long-term investments.

As per Santiment, the LPT relative strength index (RSI) has risen from 48 to 61 over the past day, indicating that Livepeer is slightly overbought at present.

Due to the increased trading volume, exchange inflows, and RSI, LPT could potentially experience high price volatility.