IP Token Price Surge: Is a 42% Rally on the Horizon?

IP Token Price Surge- Are Big Gains Ahead?

IP Token Price Surge– Story [IP] has been catching attention in the crypto space due to its impressive price movement. According to CoinMarketCap data, the recently launched asset surged over 13% in just one day, signaling potential for further gains.

AMBCrypto suggests that the token is showing bullish signs, breaking out of a symmetrical triangle pattern on the daily chart. Additionally, it has successfully overcome resistance from a descending trendline, which could pave the way for additional upward movement. At the time of writing, IP’s price has reached $6.35, facing only moderate resistance. If IP manages to close a daily candle above $6.50, it could see a 42% surge, potentially reaching its all-time high of $9.

Strong Momentum and Increasing Volume Support the Bullish Trend

The Relative Strength Index (RSI) of Story [IP] stands at 61, indicating strong momentum and suggesting that the asset still has enough room to continue its rally. Meanwhile, its trading volume has increased by 180%, reflecting heightened interest from traders and investors, likely driven by the recent breakout.

On-chain analytics firm Coinglass reports that intraday traders are betting heavily on the long side, further supporting the bullish price action. Data shows that traders are over-leveraged at the $5.85 level on the lower side and $6.54 on the upper side, with $4.91 million and $3.10 million in long and short positions, respectively. These over-leveraged positions indicate that bulls are currently in control, potentially supporting IP’s upward momentum for the time being.

As Story [IP] continues to show strong price movement and increasing interest, it remains a token to watch in the coming days.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.