- Ah, the tale of Story, with its bullish swing structure on the 4-hour chart, yet it may find itself floundering at the $7.1 mark, like a fish out of water.
- Bitcoin, that capricious beast, may very well dictate whether IP languishes in a range or bursts forth like a champagne cork.
In a remarkable twist of fate, Story [IP] has surged a staggering 19.5% in just 24 hours, with trading volume soaring by 143%, as per the ever-reliable CoinMarketCap. This surge in volume, coupled with price gains, suggests a bullish conviction—at least until the next calamity strikes! 🎉
The $7 resistance region, which so valiantly repelled the bulls at the end of February, is poised to be tested once more. Will it hold? Or will it crumble like a poorly constructed soufflé?
Analysis indicates that IP is likely to flirt with the $7.2 mark soon, though a breakout seems as likely as a cat willingly taking a bath.
Will IP form another range below the $7.2 level?
The swing structure of Story on the 4-hour chart is decidedly bullish. Following last week’s rally, Fibonacci retracement levels were plotted, revealing that IP had retested the 61.8% retracement level at $5.13 and bounced higher—like a rubber ball in a game of tennis.
However, despite the increase in daily trading volume, the volume bars appear rather diminutive compared to the late-February rally. A potential warning sign, indeed! Unless the OBV decides to make higher lows and higher highs, IP might just be stuck in a range, like a hamster on a wheel.
The 1-week liquidation heatmap concurs with the range formation theory. A cluster of liquidity from $6.6-$6.9 could nudge IP prices slightly higher, while the $5 level remains a strong magnetic zone—like a moth to a flame.
It remains uncertain whether Story will retrace all its recent gains. Bitcoin [BTC], in its bearish glory, continues to cast a long shadow on the daily chart. The recent US strategic crypto reserve news has ushered BTC prices into a resistance zone, leaving many to wonder if this is the end or merely a pause for breath.
A retracement for BTC could very well alter IP’s trajectory, as could a move beyond the mythical $100k. Stay tuned, dear reader, for the drama unfolds!
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2025-03-04 00:54