However, short positions and a negative funding rate of -0.62% indicate that market participants are bearish. Nevertheless, traders tend to take long positions.

The IP price is currently hovering above the critical support point of $2.78. If this support cannot be maintained, it is possible for the price to drop to $1.36.

The IP token, belonging to the Layer-1 blockchain network, gained over 10% in value today, becoming the highest-gaining coin in 24 hours. This increase occurred in a market environment where most cryptocurrencies are experiencing sideways or slight declines. However, despite the rise, increasing interest in short positions signals that this movement could be a temporary 'dead cat bounce.'

Traders are taking counter positions despite the rise of IP.

IP is currently trading at the level of $2.89 and has shown a 15% increase in the last 24 hours. However, those trading in the derivatives market are approaching this price movement cautiously, mostly opening positions that expect a price pullback.

According to Coinglass data, the funding rate of IP has dropped to -0.62%, the lowest level seen in four months. This indicates a significant change in market sentiment, showing that the majority of traders believe the rally will reverse.

Funding rates regulate the payments between long and short position holders in the futures market. Positive rates indicate that there are more long positions, and that longs are paying shorts; negative rates reflect the dominance of short positions and the expectation that prices will decline.

The prolonged low levels of the IP token funding rate indicate that short-term market players are placing strong bets that the price will decline. Particularly, the increasing geopolitical tensions in the Middle East support this pessimistic expectation.

Additionally, the negative Balance of Power (BoP) indicator of the token on the daily chart also confirms the selling pressure. Currently at -0.70%, the BoP indicates that buyers are weak against sellers, and prices could drop even further.

Will the bulls be able to maintain the support line?

IP is currently trading just above the critical support level of $2.78. If this level is broken, the price could drop to $1.90.

If the bulls cannot defend this support point, the IP token price may experience a decline towards the all-time low of $1.36.

On the other hand, if there is an increase in demand, it is possible for the price to continue its existing upward momentum and reach the $3.89 level.


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