Livepeer price drifted upwards on Friday as investors moved to video-focused tokens. LPT price soared to a high of $10.3, the highest point since November 8 of this year. It has jumped by more than 164% from the lowest point in December.
What is Livepeer?
Video is a major industry that is currently dominated by large centralized platforms like Vimeo and YouTube. These platforms work well because of the vast amount of money the companies have invested in video infrastructure.
However, some industry players believe that the industry is ripe for disruption using the blockchain technology. Some of the leading players disrupting the video industry is Livepeer and Theta Network. Instead of relying on centralized servers, these networks rely on thousands of distributed servers.
The network works in a relatively simple approach. The video broadcaster comes up with a video content and then distributes through a distributed network.
Livepeer has been used to build several decentralized video platforms in the industry like Xeenom, Bonfire, Kavarii, and LiveSpace among others. For example, Lenstube is a decentralized and open-source video-sharing social media platform while The Lot Radio is an independent online radio that streams on a 24/7 basis.
However, there are concerns whether Livepeer and similar platforms are needed in the first place since centralized ones like YouTube, Rumble, and Vimeo work just fine. Their cost of use is also significantly cheaper, making it hard to recommend Livepeer and its peers.
Livepeer price prediction
The daily chart shows that the LPT price has been in a slow bullish trend in the past few days. This rebound was not because of any major activity in the network. Instead, it coincided with the recent rebound of cryptocurrencies like Bitcoin and Ethereum.
As LPT rose, it managed to move above the key resistance level at $6.7034, which was the lowest point on November 14. It also moved slightly above the 25-day and 50-day moving averages while oscillators have also drifted upwards.
However, this recovery happened in a period of low volume. This means that the coin will likely have a bearish breakout in the coming days. If this view is correct, the next key level to watch will be at $6.