IP Token Price Analysis: $5.15 Resistance
Story [IP] Price Analysis: A Tight Range
Story [IP], a Layer-1 native token, recently experienced a 23.5% surge in the past 24 hours, defying a broader market downturn in Bitcoin and other cryptocurrencies. Daily trading volume also saw a significant increase of 133%. However, this upward momentum faces a significant hurdle at the $5.15 resistance level.
Since its token generation event (TGE) just two weeks ago, with 25% of its 1 billion supply circulating, IP has established a trading range between $3.88 and $5.15. The mid-range price of $4.50 has acted as both support and resistance.
Chart Analysis and Indicators
The provided charts show IP consolidating within the aforementioned range. While the On-Balance Volume (OBV) initially trended upwards, it has recently declined, suggesting waning buying pressure. Conversely, the Relative Strength Index (RSI) on the 2-hour chart remains above 60, indicating strong upward momentum.
- Breaking $5.26: A decisive close above this level signals a potential bullish market structure shift.
- Potential Drop: Failure to break resistance could lead to a pullback toward $4.50 or even $3.88.
Data from Coinalyze reveals a declining spot CVD (Cumulative Volume Delta), indicating weakening demand. The Funding Rate has hovered near zero, slightly negative at the time of writing, and Open Interest has flattened as IP tests resistance, revealing a lack of strong bullish conviction among speculators.
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Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Always conduct thorough research before making any investment decisions.