- Story price is surged by almost 12% in last 24 hours suggesting strong buyers interest.
- IP price gave a breakout above the $10 mark with strong bullish candle.
The native token (IP) of Story Protocol is also showing strong bullish trends as it break above the key psychological resistance of $10. The recent price movement indicates that the IP price is at a crucial level, if buyers sustain above these levels, it could trigger the onset of a new upward cycle.
The token is currently trading at about $10.106 and trading above the 50-day EMA at $7.426 and the 200-day EMA at $5.289. The price is trading far above these key EMA levels showcasing bullish momentum. The wide gap between the EMAs and IP price shows that there is a high level of bullish sentiment among the market players who have been stocking up positions at lower levels.
The price structure shows an evident bottoming process that was established at the level of $3.00 in the period between June and July, and then the accumulation process continued over several months. The recent explosive breakout of the support zone of $6.480 shows that there is strong buying pressure, and the volume of the price movement is large. Such a volume-validated breakout usually results in protracted rallies in cryptocurrency markets.
What Next For Story (IP) Price?
Source: Tradingview
Numerous technical signs are converging towards the bullish thesis underway. The MACD histogram has now become unambiguously positive with the signal line crossing above the baseline, which means that the momentum is gaining strength and is not expected to reverse in the short run. The RSI is at 67.96, which is near the overbought zone yet still in the healthy bull market range. This is a position that indicates that there is still room to gain more before any significant technical correction is probable.
Lastly, but possibly most importantly, the sentiment indicator demonstrates a high positive score of 0.177, indicating radically improving market psychology regarding Story Protocol and its ecosystem. This underlying change in sentiment frequently leads to significant price action in crypto markets, as positive sentiment has the ability to generate self-reinforcing cycles of buying pressure.
As per CoinMarketCap data, Story has been on a positive trend of almost 10% in the past 24 hours, which demonstrating strong bullishness. The $11 mark is the immediate obstacle that needs to be surmounted, yet once successfully overcome with belief, it may lead to algorithmic purchasing.
The Story Protocol is exhibiting a strong bullish pattern as it surges over the important $10 psychological level with good volume and positive technical signals. RSI is already in the healthy zone, MACD is becoming very bullish, and sentiment is getting better, which means that the token may continue to move upwards. In case buyers remain convinced and manage to overcome the resistance at the $11 level, IP may enter a new upward trend.
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