Why Is Story (IP) Crypto Rising Today? Key Reasons Behind the Surge
The post Why Is Story (IP) Crypto Rising Today? Key Reasons Behind the Surge appeared first on Coinpedia Fintech News
Story (IP) crypto has captured market attention with a sharp price surge, fueled by a breakout from a prolonged consolidation phase. The sudden momentum shift reflects growing market interest, supported by a rise in trading volume and strategic accumulation by larger holders. As Story escapes its previous range, traders are eyeing higher targets amid renewed optimism. This upward move highlights a technically driven rally, suggesting that the asset may be entering a new phase of bullish continuation in the near term.
Before analyzing the future projections, let’s see why the Story (IP) price is rising.
- Bitcoin smashed a new ATH during the past trading day, which has filled the entire crypto market with bullish momentum. The Story price rose above the accumulation zone that it had been stuck at for over a month.
- Story experienced a massive influx of liquidity of over $148 million, as per some reports, which is speculated to be huge whale activity.
- A breakout from a technical pattern where the IP price remained accumulated for a long time
Despite the current breakout, the IP price failed to secure above a crucial resistance range. Does this suggest the Bulls’ strength was limited, and will this drag the IP price below $4?
The latest price breakout led the IP price breakout from the descending parallel channel but failed to surpass the pivotal resistance zone between $4.97 and $5.15. However, this cannot be considered a rejection, as the technicians remain within the bullish frame. The price has surpassed the Gaussian channel, which was bearish and hence a daily close above the range may flip the indicator to bullish. On the other hand, the RSI failed to enter the overbought zone but remains stuck along the upper threshold.
The overall sentiment is currently very bullish, wherein the on-chain indicators and technical analysis suggest it has outperformed many altcoins recently. On the other hand, rising whale activity and large trade volumes point to accumulation by major holders. Meanwhile, the volatility remains high, as a rapid squeeze up can be followed by a sharp pullback or correction. Besides, some models expect a decline towards $3.6 by mid-August if buying momentum waves.
Wrapping it Up!!
Story (IP) is rallying today due to a combination of a broader crypto rally led by Bitcoin and very high trading volume, including potential whale activity and technical breakout patterns. That said, some technical forecasts warn of possible short-term retracements before further upside. For now, the Story (IP) price is maintaining a strong ascending trend with strong bullish momentum and hence is above $5 and will eventually reach $5.5 in the near term.
