Story IP Price Analysis

Range Formation
Story IP has formed a range between $3.88 and $5.15. A move beyond $5 could send prices soaring once again.

Recent Performance
Story IP has gained 23.5% in the past 24 hours. Increased demand for the L1 native token was encouraging during a time when Bitcoin (BTC) and the crypto market were sliding lower. Trading volume has risen by 133% compared to the previous day.

Resistance Challenges
However, the $5.1 level has opposed the bulls’ progress in recent days, potentially rebuffing IP bulls from this key resistance once more. The Token Generation Event (TGE) occurred only two weeks ago, with 25% of the total 1B IP supply now in circulation. This limited price action history, as the linear unlock over the next year means no new vast token unlocks will occur; future unlocks are also scheduled to be linear.

Range Highlights

The range formation between $3.88 and $5.15 is highlighted in white, with a mid-range level at $4.5 serving as both resistance and support recently. As of now, bulls are testing the range highs.

The On-Balance Volume (OBV) has trended higher but has begun to slump in recent hours. The Relative Strength Index (RSI) on the 2-hour chart remains above 60, indicating strong upward momentum. A trading session close above $5.26 would signal a potential market structure shift. However, there is a possibility of a drop towards $4.5 and $3.88.

The likelihood of a price drop has increased due to the falling spot CVD, which indicates weak demand. The Funding Rate hovered around zero over the past 24 hours and was slightly negative at press time. Open Interest trends have flattened as IP tested the range highs, indicating that speculators are hesitant to take long positions, reflecting a lack of bullish conviction.

Nevertheless, this does not necessarily indicate an imminent retracement. The inference from Open Interest suggests that the IP token may require more time before it can resume its uptrend.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.