Livepeer/Tether USDt (LPTUSDT) Market Overview

• Price surged from $6.965 to $7.170, with strong momentum in final hours.
• RSI crossed into overbought territory, signaling potential pullback risk.
• Volume increased sharply during key breakout hours after midday ET.
• Bollinger Bands showed tightening prior to late-day rally, suggesting volatility burst.
• A bullish engulfing pattern formed at 7.10–7.12, supporting continued upside.

Livepeer/Tether USDt (LPTUSDT) opened at $7.000 at 12:00 ET − 1 and closed at $7.115 by 12:00 ET. The pair traded between $6.923 and $7.170 during the 24-hour window, with total volume of 196,246.32 and notional turnover of $1,380,494.84. The move reflected strong buyer aggression after a consolidation period.

Structure & Formations

Price found key support at $6.923–6.950 during early hours, with a notable bullish engulfing pattern forming between $7.10 and $7.12 late on September 9. This pattern, combined with a rising wedge and a 61.8% Fibonacci level at $7.11, suggests buyers are controlling momentum. A potential bearish divergence was noted in the midday hours, but volume surged afterward, confirming the breakout. Resistance appears to be forming at $7.170–7.180, while support remains intact at $7.05–7.07.

Moving Averages & MACD

On the 15-minute chart, the 20-period and 50-period moving averages are bullish, with price trading above both. MACD turned positive midday and continued to strengthen through the end of the day, confirming upward momentum. On the daily chart, the 50-day and 200-day MA suggest a longer-term bullish bias, though the 100-day MA could act as resistance in the near term.

RSI, Bollinger Bands & Volatility

RSI surged to overbought levels (>70), peaking at 75, and has yet to correct, indicating potential for a short-term pullback. Bollinger Bands narrowed significantly before the breakout, signaling an impending volatility expansion. Price closed near the upper band, suggesting a continuation of the upward trend in the near term. Volume and turnover spiked in the final hours of the 24-hour window, confirming the strength of the move.

Fibonacci Retracements & Key Levels

Fibonacci retracements from the $6.923–7.170 swing highlight key psychological levels. The 61.8% retracement at $7.11 aligns with recent support-turned-resistance and the bullish engulfing pattern. A break above $7.170 may target $7.21–7.23, while a retest of $7.05–7.07 could see a short-term consolidation before another push higher.

Looking ahead, LPTUSDT may continue to consolidate near $7.10–7.15 before testing key resistance at $7.170–7.20. A failure to hold above $7.05–7.07 could see a retracement toward $6.95–6.97. Investors should monitor MACD and RSI for early signs of exhaustion or continuation.

Backtest Hypothesis

A potential backtesting strategy could involve entering long on the close of a bullish engulfing pattern, particularly when it occurs near a 61.8% Fibonacci retracement and above the 20-period moving average. A stop-loss could be placed below the low of the engulfing pattern, while the target takes profit at the next Fibonacci extension or key resistance level. Given the recent volume confirmation and RSI divergence, this setup appears to have a high probability of success, though caution is warranted as overbought conditions may trigger a short-term correction.