Is Livepeer (LPT) buy opportunity after the price collapsed?

Livepeer LPT/USD can still not stabilize above $50 resistance after it collapsed from its record highs above $100, registered on November 9.

The popularity is rising

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 fully decentralized, highly scalable, crypto token incentivized, and it provides an economically efficient alternative to centralized broadcasting solutions for any existing broadcaster.

The existing technology for broadcasting live video faces several issues that add significant complexity and cost to live video broadcasting.

It needs to capture video at the source, interface with a media server, distribute the video across a network, and then allow the video to be played in high perceived quality for the end consumer.

The distribution of live video and the economic incentives for encouraging participation are two major areas that the Livepeer protocol address.

Livepeer solves these issues, and it enables participants to contribute with their processing power in the service of transcoding and distributing the video.

The Livepeer protocol is designed to allow any node to send a live video into the network, and it is important to mention that all participants that contribute with their processing power in the distribution of video are compensated accordingly.

The popularity of this decentralized video streaming network is rising across the globe, and the team of Livepeer reported:

After a record-breaking climb throughout the year, the Livepeer Network transcoded an all-time high of 3.6 million minutes of video during the first week of October, a tenfold increase from the start of 2021. New records were set in the months of September and November when the network twice hit a new high of 10.5 million monthly minutes transcoded.

LPT is a token of the Livepeer network, it plays an important role in the Livepeer ecosystem, but it is not the medium of an exchange token. LPT is a staking token that participants stake in order to coordinate how work gets distributed on the network and to provide security for the Livepeer network.

LPT token has achieved an impressive gain in the first days of November 2021, and it has reached a record high above $100 on November 9.

LPT is currently down more than 60% from its peak; still, Livpeer is a very promising project, and the price of LPT could advance again at levels that we saw in November 2021.

Bears in control of LPT

Livepeer  (LPT) has collapsed from its record high above $100, registered on November 9, and the current price stands at $40.

Data source: tradingview.com

LPT remains in a bear market; still, if the price jumps above $50, it would be a “buy” signal, and the next target could be at $60.

Summary

Livepeer is a decentralized video streaming network built on the Ethereum blockchain that solves existing technology problems for broadcasting live video. LPT token is currently down more than 60% from its peak, but if the price jumps above $50, it would be a “buy” signal, and the next target could be at $60.

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