The price of Story faced strong downward pressure on the daily technical chart.
The price of IP has dropped by 19% over the past 24 hours, indicating a bearish market dominance.
The Story (IP) coin has experienced a sharp decline of 19% over the past 24 hours, according to CoinMarketCap data, trading at around $5.650. This sharp sell-off is a significant pullback from its recent highs of about $7.996, placing the altcoin at a critical technical crossroads worth studying.
##wct #اقتصاد_المستقبل As seen in the daily technical chart, despite the significant loss, the price of Story IP remains above the key exponential moving averages. The price of Story is still trading above the 50-day exponential moving average at $5.085 and the 100-day exponential moving average at $4.662, indicating a continued formation of a general upward trend. More optimistically, there is a clear crossover between these two moving averages, with the 50-day exponential moving average now crossing above the 100-day exponential moving average, which is typically a long-term bullish indicator.
However, momentum indicators provide a more detailed picture. The Relative Strength Index has dropped to 50.08, a neutral momentum area since it was previously in the overbought zone above 72. This slowdown indicates exhaustion of recent buying pressure, which may set the stage for either price consolidation or further decline. The MACD has also formed a bearish crossover, with the signal line crossing below the MACD line, further confirming the recent shift in momentum to bearish.
What’s next for the price of Story (IP)
Source: Tradingview
The Bollinger Bands analysis shows that the price has reached the lower range support, indicating that the token may be in a short-term oversold condition. Typically, this technical development is followed by a rebound or a period of consolidation, where the market absorbs recent volatility.
From a broader perspective, the price behavior of Story (IP) indicates common volatility in emerging blockchain protocols. The token has been in a strong upward trend since its lows in July at around $2.50, meaning it has gained over 200% before the recent correction. Staying above key moving averages and the formation of a golden cross may suggest that this pullback could be a healthy correction in the larger upward trend.
Traders need to monitor the price's ability to stay above the 50-day exponential moving average support at $5.085. A clear break below this level could lead to the 100-day exponential moving average at $4.662, while a rebound from current prices may indicate the continuation of the larger upward trend to previous resistance points.
