Story Protocol (IP) is under significant bearish pressure, experiencing a 13% drop. This signals a long-term negative trend in the market.
Technical Analysis and Bearish Trend
Currently, Story Protocol (IP) is trading at $3.07, reflecting a 13% intraday drop. A key factor in this decline is the breach of the 50-day and 20-day exponential moving averages, previously serving as dynamic support. This 'death cross' formation indicates the long-term bearish pressure that has emerged since the May highs around $5.000.
Momentum Indicators and RSI
The MACD indicator shows weakening momentum, with the histogram indicating negative values, suggesting increasing selling pressure. RSI analysis shows a value of 18.62, in oversold territory, but this does not always indicate an imminent reversal. The steady prevalence of red bars in the volume indicator suggests that both institutional and retail players are de-risking their positions in Story Protocol.
Future of Story Protocol in the Market
Currently, Story Protocol is at critical support levels at the psychological barrier of $3.000. A fall below this mark could accelerate the decline to the next major support area around $2.500. For significant recovery, breaking the $3.648 mark and demonstrating consistent buying pressure above the 50-day EMA would be necessary to shift the technical narrative to neutral.
Overall, Story Protocol continues to face bearish trends in the market, requiring close monitoring of technical indicators and support levels.
