Crypto traders are taking every advantage they can get. From basic research on long-term prospects to short-term price pumps created by new listings, the 24/7 digital asset market offers opportunities for investors and traders of all stripes.
But this week those traders who researched the Cointelegraph Markets Pro VORTECS ™ Score had a special reason to celebrate the inherent volatility that makes risk-averse traders cringe … and seasoned crypto professionals pop champagne corks.
LPT, the Ethereum-based native token of the decentralized video streaming network Livepeer, has seen some extraordinary ups and downs over the past three months. Valued at less than $ 2.00 in mid-January, it rose on news that Grayscale Investments, one of the blue chips of digital investment, was ready to set up an LPT trust.
Another pump came on March 17th, with official confirmation of news that the token hit its then ATH around $ 30. In early April, it was nearing $ 40 on news of an OKEX listing.
The rest of April and early May were largely uneventful for Livepeer before a series of bullish news hit the token again at its current all-time high of over $ 44 on May 11.
As the graph below from Cointelegraph Markets Pro shows, this rally was largely driven by two announcements delivered to users of the platform as instant NewsQuake ™ notifications: listing on the Bithumb exchange and starting SGD trading on Gemini (red circle in the graphic).
And then Bitcoin and the entire crypto market collapsed … with Livepeer a big sacrifice.
The outlook for the asset turned bleak as LPT embarked on an almost uninterrupted downtrend that took it from its all-time high of $ 44 to the low of $ 11 recorded on May 24th.
Finally, this week brought good news that reversed the negative trend. The VORTECS ™ Score, an algorithmic comparison of historical and current market conditions exclusively for Cointelegraph Markets Pro, identified conditions that have historically been favorable to LPT.
The score before the storm
in the graph above, the coin’s VORTECS ™ score line turned dark green at 81 (first red circle) while the price was still looking for the bottom at around $ 11. VORTECS ™ scores above 80 generally indicate patterns of market and social activity that have historically preceded consistently significant increases in the price of the asset over the next 12-72 hours.
That surge coincided with Livepeer’s tweet about a new weekly record high in terms of the length of each video being transcoded – a real development that could convince investors that the asset was undervalued.
A few hours later the price began to rise (first red box) and finally reached $ 24 on May 26th. On the way to this local high, the algorithmic score of VORTECS ™ rose again above 80 (second red box), suggesting that earlier runs like this one usually had second legs. In fact, a small aftershock occurred a few hours later, which increased the price from $ 32 to almost $ 36.
The outlook for LPT remains reasonably bullish as there were two more high profile public listing announcements on May 28: one from Binance and another from Kraken.
In fact, Markets Pro members sit in the front row of both thanks to lightning-fast NewsQuakes ™ delivered via mobile notifications and in-browser notifications. Even before those two announcements were made, Livepeer was up 144% this week, and the coin’s dire streak is clearly over for now.
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