Cryptocurrency Story (IP) has shown a 5% increase in a declining market, approaching a key resistance level.
Current Market Situation
Over the past 24 hours, the cryptocurrency market has seen intensified downturn beginning after the November rally. Ethereum (ETH) sharply fell to the $2000 level from its December high of $4000. This extended correction puts significant pressure on altcoins, yet Story (IP) managed to gain 5% in value over the last day and 80% over the last month, defying general market trends.
Trading at Key Levels
Story (IP) price action forms a symmetrical triangle pattern. In late February, IP faced resistance at the $7.95 level, marking the triangle's upper boundary. After a pullback to the lower support at $4.56, IP showed resilience by rallying back. Currently, IP trades at $5.10, once more testing the triangle's upper resistance. A successful breakout and retest above this level could drive the price toward the next resistance levels at $5.48 and $6.96, representing a 33% upside potential from the current price. The MACD indicator shows early signs of bullish momentum with the histogram turning positive, which might confirm an upward breakout potential.
Final Thoughts
Story (IP) is at a crucial juncture. If bulls successfully push the price above the symmetrical triangle's resistance and confirm the breakout with a retest, it could set the stage for a robust rally targeting the $5.48 resistance zone. However, traders should exercise caution as broader market conditions have turned bearish. Failure to break out could lead to renewed downside pressure with potential retests of lower support levels.
While Story (IP) shows strength amid market declines, it's important to remain aware of cryptocurrency volatility and necessary trading precautions.
