- Story [IP] has formed a range between $3.88 and $5.15.
- A move beyond $5 could send prices soaring once again.
Story [IP] has gained 23.5% in the past 24 hours. While Bitcoin [BTC] and the crypto market were sliding lower, the increased demand for the L1 native token was a glimmer of hope.
Trading volume has also increased — the daily volume is up 133% compared to the previous day. But alas, the $5.1 level has been a bit of a party pooper, opposing the bulls’ progress in recent days.
The token generation event (TGE) occurred only two weeks ago, and 25% of the total 1B IP supply is in circulation. This means that the price action data lacks history, much like a teenager trying to explain their actions to their parents.
A range formation for IP
The range formation between $3.88 and $5.15 was highlighted in white. The mid-range level at $4.5 has served as both resistance and support over the past few days, like a trampoline for the bulls and bears to bounce off.
At press time, the bulls were knocking on the doors of the range highs, hoping for a warm welcome. The OBV has trended higher in recent days, but in the past few hours, it began to slump. The RSI on the 2-hour chart remained above 60 to signal strong upward momentum, but even superheroes need a break now and then.
A trading session close above $5.26 would be an encouraging sign, as it would show a market structure shift. As things stand, a drop to the $4.5 and $3.88 was possible, but hey, who doesn’t love a good rollercoaster ride?
The likelihood of a price drop was increased by the falling spot CVD, which highlighted weak demand. The Funding Rate has hovered around the zero mark over the past 24 hours, and at press time was slightly negative. The Open Interest’s trend has also flattened as IP tested the range highs, showing that speculators were not eager to go long, reflecting a lack of bullish conviction. However, by itself, this does not show a retracement is due. The inference from the OI was that the IP token likely needed more time before it was ready to resume its uptrend, much like a toddler learning to walk.
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2025-02-26 04:09