The cryptocurrency market is experiencing renewed pressure, with Ethereum dropping below the $1,900 mark. Leading altcoins, including Story (IP), are also facing challenges, with IP down over 7%.
Cryptocurrency Market Decline
In the last 24 hours, Ethereum has decreased by over 5%, falling below the $1,900 level, which has subsequently increased pressure on other altcoins. Among them, Story (IP) has been significantly impacted, with a drop of more than 7%.
Story (IP) Symmetrical Triangle Breakdown
The daily chart for Story (IP) indicates a bearish breakout from a previously established symmetrical triangle pattern. Initially, the ascending trendline provided strong support, but recent market weakness has led to a significant break below the $5.74 level. This has increased selling pressure, pushing IP toward the next support level at $5.34. Should IP fail to reclaim the broken trendline, a continued decline towards the major support zones at $4.64 and $3.64 could represent a potential 31% drop from the current price.
Final Thoughts
Story (IP) has confirmed a breakdown from a key formation, indicating sellers are currently in control. The coming days are crucial as the price action around the $5.35 support level will dictate whether a recovery attempt or further decline is more likely.
The cryptocurrency market shows a decline, with key tokens like Ethereum and Story (IP) under pressure. Support and volume should be closely monitored to anticipate future movements.
