According to CoinMarketCap data, Story (IP) has increased by 19.5% in 24 hours, with trading volume growing by 143%.
The increase in trading volume and price indicates a strengthening market confidence in IP in the short term. The $7 resistance level that previously hindered bulls at the end of February may be challenged again.
Technical analysis: Bullish trend with potential range formation
The fluctuation structure of Story on the 4-hour chart shows a bullish trend. Based on last week's rebound, the Fibonacci retracement levels indicate that IP has re-tested the 61.8% retracement level of $5.13 and rebounded higher.
Although daily trading volume has increased, it is still relatively small compared to the rebound at the end of February, which may be a potential warning signal.
Key support and resistance levels
Support level: $5.13
If IP can hold the support level of $5.13, it may continue to rise.
If it falls below $5, it may give back all recent gains.
Resistance levels: $7 and $7.2
$7 resistance level may be challenged again, but the likelihood of breaking through $7.2 is low.
Liquidity between $6.6 and $6.9 may slightly push up the price of IP.
Market sentiment and external factors
Bitcoin (BTC) maintains a bearish structure on the daily chart, and recent news regarding the U.S. strategic cryptocurrency reserve has pushed BTC prices into a resistance area.
The retracement of BTC may affect the trend of IP; if BTC breaks through $100,000, it could also have a positive impact on IP.
