Analysis of the bearish trend of IP cryptocurrency
In the last 24 hours, IP price has decreased by about 12.74%, trading around just above $3.
Short positions are gradually forming below $3.50, opening up the possibility of further downside following long leverage orders below $3.
Market status and IP volatility
Story Protocol [IP] has just experienced a sharp decline, reaching $3.08, down 11.8% in 24 hours. On the week, the token is down 24.2%, and in two weeks it has lost 26.4%. These figures clearly reflect the long-term downtrend of IP, originating from a peak of $7.29. However, on the year, IP is still up 26.3%, proving that the February boom still has some traces.
Adjustability and Long Term Trend Prediction
IP has fallen 43.9% from its peak of $7.29 in three months. However, overall, IP has maintained a 26.3% gain for the year, indicating that the positive momentum is not completely gone. The February peak reflected a boom, but the downtrend has quickly narrowed the token’s expansion potential. Technical analysis shows that bearish signs continue to prevail, especially as the MACD indicator shows strong bearish momentum.
The impact of price levels and major liquidations
The trend of IP shows increasing selling pressure, especially as the price moves towards $3. Large liquidation orders are located around $2.90 and $2.50, reflecting a cautious investor sentiment. The $3 level has become a neutral point, where short squeezes could be triggered to push the price to $3.60. Conversely, if the price loses $2.90, the downtrend will become more obvious, possibly leading to quick liquidations at $2.50.
The $3.00 level becomes the neutral point where sharp moves can occur. A break above $3.60 could lead to sentiment that would lead to a retest of $4.00, while a drop below $2.90 is likely to trigger quicker liquidations towards $2.50.
Predictions on the direction of IP based on technology
The consecutive failures to break the $3.50 resistance indicate that the bearish trend is in control. The descending triangle pattern and support levels around $3.50-$3.60 are vulnerable to breaking, which could drag the price to $2.98 or lower as the next target. Losing $2.98 could see IP freefall towards the stronger support area around $1.91, creating a new consolidation zone.
Meanwhile, a recapture of $3.60 would dampen the bullishness of the bears and open the way for a retest of the trendline near $4.00. The MACD is now in a strong bearish signal, showing an expansion of the signal gap below zero and a long red histogram. This state will remain until a positive divergence appears or buying begins to dominate.
In summary, the IP market is currently risky, but the possibility of a reaction at low levels such as $2.98 is still possible. Investors should closely monitor technical signals to make appropriate decisions, to protect profits and wait for new opportunities in this volatile cryptocurrency market.
Source: https://tintucbitcoin.com/loi-nhuan-story-mat-sau-24-gio/
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