Hello. In my technical analysis, Livepeer(LPT) may be set for a 2x from 60$ to 120$.
Livepeer recently did an amazing 250% move starting from November 1 until November 9. From the peak of 101.8$ it tumbled to support at the 60-62$ support and the 0.5 Fibonacci.
After that, Livepeer has formed a triangle pattern marked by the red and green dashed lines. I believe price will break the red dashed line, for reasons:
1. Previous bull run. This triangle pattern may be a continuation pattern, just like what happened to LRC(Check my old analysis of it below). Only time will tell.
2. Healthy triangle pattern volume
3. Early RSI pattern breakout. May mean that price will follow what the RSI did.
4. RSI above 50. When RSI crosses above 50, it sometimes means a change in trend.
In my analysis, what would make this a sure breakout? These are my criteria: 1. High volume on breakout candle 2. Price breaking the 0.5 Fib(plotted from 101.8 to 61) 3. RSI touching 60/70. RSI touching 70 will make this a sure breakout.
This is my analysis for Livepeer(LPT). Thank you for reading! make sure to give constructive feedback in the comments.
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Interesting, while I was writing this analysis, LPT started to breakout!
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Late update. Looks like LPT didn't really go as expected. Let's see what happens next