- In the world of crypto, IP’s Average Directional Index (ADX) stood at a robust 59, a beacon of strong momentum, or perhaps just a mirage in the desert of digital currency.
- On-chain metrics, like a gossiping neighbor, revealed that exchanges have seen an outflow of $2.15 million worth of IP tokens. Who knew tokens could be so popular?
Ah, the newly birthed crypto AI project, Story [IP], is stirring the pot in the cryptocurrency market, much like a restless child in a quiet classroom. With a staggering 32% surge, traders and investors are throwing their hats in the ring, accumulating this asset as if it were the last cookie in the jar, according to the wise folks at Coinglass.
IP’s current price momentum
Not only has it elbowed its way into the top ten crypto AI tokens, surpassing the likes of Virtuals Protocol [VIRTUAL], but at the time of this writing, IP was trading around $3.42, with a jaw-dropping 97% surge in trading volume. Talk about a party!
Since its debut, exchanges have been witnessing a steady outflow of IP tokens, hinting that investors and long-term holders are hoarding this asset like squirrels preparing for winter.
Data from the spot inflow/outflow reveals that, in the past 24 hours, exchanges have recorded an outflow of IP tokens worth $2.15 million. That’s a lot of tokens flying out the door!
This significant outflow from exchanges could create buying pressure, driving further upside momentum. Or it could just be a mirage, who knows? This might explain today’s substantial rally, or maybe it’s just the crypto gods playing tricks on us.
Following this accumulation and price surge, intraday traders have stormed the market like kids on a sugar high. This resulted in a 70% increase in IP’s Open Interest (OI). Yes, you heard that right!
The rise in OI indicates that traders are piling on positions like it’s Black Friday, both on the long and short sides.
Major liquidation areas
Data from Coinglass revealed that traders betting on the long side are currently dominating the asset, over-leveraged at the $3.134 level, holding a whopping $3.28 million worth of long positions. Talk about confidence!
Meanwhile, short sellers seem to be running on fumes, over-leveraged at the $3.276 level, with $1.54 million worth of short positions. It’s like watching a game of chicken, and the bulls are winning!
These on-chain metrics suggest that bulls are rallying behind the asset, which could help sustain its upside momentum. Or it could just be a flash in the pan. Who can say?
IP’s technical analysis and key levels
According to AMBCrypto’s technical analysis, IP appears bullish, with the Average Directional Index (ADX) currently standing at 59, indicating strong momentum. It’s like a freight train barreling down the tracks!
The upward-sloping ADX line suggests that IP’s momentum is accelerating, but hold your horses!
However
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2025-02-21 07:07