Livepeer/Tether (LPTUSDT) 24-Hour Market Overview

• Price opened at $6.634 and surged to $6.726 before retreating to $6.656, closing near 12:00 ET.
• High volume spikes and a bearish divergence suggest weakening momentum despite strong intraday swings.
• Bollinger Bands show moderate volatility with price hovering near the lower band, hinting at oversold territory.
• Key Fibonacci levels at 6.639 and 6.676 may act as short-term support and resistance.
• 15-minute RSI and MACD indicate potential reversal near current levels; watch for bullish confirmation.

Livepeer/Tether (LPTUSDT) opened at $6.634 on October 3 at 12:00 ET and reached a high of $6.726 before retracing to a 24-hour low of $6.54 and closing at $6.656. Total volume for the period was 255,359.95, with a notional turnover of $1.70 million. The price action displayed a volatile bearish bias late in the day, though a late attempt to reclaim higher ground suggests ongoing interest.

Structure-wise, LPTUSDT formed a deep bullish engulfing pattern early in the session, followed by a large bearish candle midday at $6.642. This suggests a potential shift in sentiment. Support levels appear to congregate around $6.635–$6.64, while resistance strengthens near $6.675. A long upper shadow on the 17:15 ET candle also signals rejection at these levels.

The 15-minute 20-period and 50-period moving averages show a bearish crossover midday, reinforcing a sell-off. RSI dipped below 30 late in the session, indicating oversold conditions, while MACD crossed into negative territory, confirming bearish momentum. Volatility as measured by Bollinger Bands expanded midday, with price briefly breaking above the upper band before retracting sharply, showing a loss of directional confidence.

Notional turnover remained relatively consistent throughout the day, with no major spikes beyond typical volatility. However, volume surged on the 17:15 ET candle (volume: 33,794.53), which saw a large bearish close. This suggests strong selling pressure at key price levels. The price/turnover relationship remains mostly aligned, but a divergence may form if price fails to follow through on higher volume days.

Fibonacci retracement levels suggest that $6.639 (38.2%) and $6.676 (61.8%) are key watchpoints. A break below $6.635 could accelerate a test of prior support at $6.54. Conversely, a close above $6.675 could trigger a retracement back toward the 6.726 intraday high.

Backtest Hypothesis
A potential strategy would be to enter a short position on a bearish engulfing pattern confirmed by a close below the 20-period moving average, with a stop-loss above the 61.8% Fibonacci level. A target could be set at the next support level, $6.54, with a risk-to-reward ratio of approximately 1:1.5. This approach would leverage the identified bearish divergence and key support/resistance clusters to capitalize on expected continuation of the downward trend.