Since February 2023, the cryptocurrency market has experienced a sharp decline, yet the IP token stands out with its steady growth. Over the last seven days, IP has surged by 86.2%, making it the leader in terms of weekly growth. Let's break down the current situation and possible future for the token.
IP Rises Despite Market Downturn
At the beginning of February 23, the cryptocurrency market cap was around $3.14T. Between February 23 and 26, the market showed a drop of 12.42%, and currently, the total market capitalization is $2.81T. In contrast, from February 24 to 26, the IP market recorded impressive growth of 77.62%. During these days, IP remained the top gainer in terms of 24-hour growth, driven by strong demand.
Technical Analysis of IP Surge
The SuperTrend indicator on the four-hour chart of IP shows a dynamic support level at $4.9, indicating strong bullish pressure in the market. The current price of IP is $6.2, well above the SuperTrend value of $4.9. This suggests a bullish trend continuation.
Forecast: Will IP Hit $9 or Fall Below $6?
In the last 24 hours, the IP price has witnessed a drop of 6.7%. Experts predict that if the $6 support holds, the IP market could reach its all-time high of $9. However, they warn that if selling pressure increases, the IP price could drop to $4.9, and if the dynamic support level fails, potentially down to $4.38.
The IP token continues to surprise with its growth amidst the overall crypto market decline. However, its future depends on maintaining current support levels and potentially moving higher.
