Livepeer has seen a significant increase in price over the last 24 hours. Livepeer has shot up by 17% in this period, significantly outperforming most of the top cryptocurrencies on a slow weekend.
Livepeer is a cryptocurrency that is focused on the video streaming market. It leverages the power of blockchain technology to allow people to stream videos, just like they would do on centralized systems, albeit without censorship. Since it launched, Livepeer has experienced tremendous value growth, mainly because of its unique features, such as pay-as-you-go and the automatic scaling of videos to reach a bigger audience.
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Livepeer’s current rally mirrors the price jump in AI tokens like WorldCoin. It’s all linked to OpenAI’s recent announcement of a text-to-video product. This product could revolutionize how video content is generated and consumed, revolutionizing industries like advertising.
While the surge in most AI tokens after the announcement by OpenAI was largely speculative, for Livepeer, there is a real reason for the market to be excited. Yesterday, the Livepeer team announced that they were introducing generative video features. This is a big deal as it could significantly increase the number of people who use Livepeer services, which is a plus for the token’s long-term value growth.
Today @OpenAI revealed their research progress on the Sora generative video AI model, with some impressive demonstrations.
This helps show the world how powerful generative video can be, and progress on open models is moving faster than ever. But generating these videos requires… https://t.co/srd1TkV3bY
— Livepeer (@Livepeer) February 15, 2024
The Livepeer Ecosystem is Growing
Even bigger news for Livepeer is that organizations leveraging the platform to offer services are growing in user numbers and quality of services. For instance, Sanko TV is an online platform that is currently leveraging the power of Livepeer to release new games and also leverages the power of decentralized video streaming to grow online subcultures that can help drive creativity and long-term user numbers growth.
Sanko TV, created by the minds behind @SankoGameCorp, is more than a streaming app; it’s a cultural hub designed to bridge creators with their audience, allowing posters to earn with their content.
👇
— Livepeer (@Livepeer) February 16, 2024
Livepeer Sponsoring EthDenver 2024
Investors are also looking forward to any news that might come at the EthDenver 2024, an event held in Colorado between February 23rd and March 3rd. This is a much-watched Ethereum developer event, and since Livepeer is one of the sponsors, momentum could keep building up around Livepeer both before and during the event.
Livepeer is currently listed on all the major cryptocurrency exchanges. Anyone looking to buy Livepeer can do on Binance, Kucoin, OkeX, and Coinbase. This ease of access means more liquidity if FOMO kicks in now that AI tokens are taking center stage in the market.
In the section below, we look at LPT’s price potential and how high it can go after the text-to-video AI news and the upcoming EthDenver, an event in which Livepeer is a sponsor.
Livepeer Crypto Price Prediction
Livepeer is currently gaining upside momentum at an accelerated rate. It is trading at 17.05, up 41% while still in press. Volumes are on the rise, too, up by 113% to stand at $575.85 million.
After consolidating between $15.03 and $13.39 for a few hours, Livepeer bulls have taken full control, with a clear break through the $15.03 resistance. If bulls can sustain this momentum with high volumes, then Livepeer could test $20 or more in the day.
On the other hand, if buying volumes drop, Livepeer could enter another consolidation phase, with $15.03 now acting as a key support level.
However, if profit-taking triggers a selloff and the $15.03 support is broken, $13.39, now a second major support level, would be the price to watch. If bears break $13.39, then prices below $10 could be seen within the day.
Why A Rally Through $20 Is Most Likely
While it can happen, a major correction below $10 seems highly unlikely for Livepeer. That’s because, after Livepeer’s current rally, many investors have learned about this cryptocurrency and its rock-solid fundamentals. This means more money could flow in as investors anticipate even more gains now that the crypto market as a whole is bullish.
Also, with the possibility of more announcements from Livepeer coming up during the EthDenver, investors are likely to stay excited about LPT for days to come. This means a rally pushing the token to $20 or more is a realistic possibility.
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