Traders seem to be using strong leverage at the bottom of $3.70 and at the top of $4.28.
The weighted funding rate OI of IP is +0.0006%, indicating that traders are strongly optimistic.
IP, the internal token of Story, may be preparing for a price increase as it approaches an optimistic breakout point. IP has garnered significant attention from traders and investors, with a price increase of over 25%. It has the potential to replicate this momentum soon.
Optimistic on-chain indicator
According to the on-chain analysis platform Coinglass, traders are heavily betting on the optimistic side.
$2.64 million for optimistic betting
Currently, according to the liquidation map of the IP exchange, traders are using strong leverage at the support level of $3.70 and the resistance level of $4.28 based on the lowest and highest points.
This map also shows that at these levels, traders have built a long position of $2.64 million, hoping the price does not drop below $3.70. They have also built a short position of $1.05 million, predicting the price will not exceed $4.28.
Source: Coinglass
In summary, this indicator shows that optimistic traders dominate the asset. Conversely, pessimistic traders may be tiring.
Traders strongly believe in the optimistic outlook
It is noteworthy that the weighted funding rate OI of IP is +0.0006% at the current time.
The weighted funding rate OI is an on-chain indicator that reflects the optimistic or pessimistic outlook of traders based on Open Interest in futures contracts. This indicator shows that traders are very optimistic.
Source: Coinglass
Moreover, in the past 24 hours, the Open Interest (OI) of IP has increased by 6%, further reinforcing this positive funding rate.
Currently, IP is trading near $4.16, with a price increase of over 6.5% in the past 24 hours. At the same time, its trading volume increased by 70% – a sign of heightened participation from traders and investors compared to previous days.
Technical analysis and price action of Story (IP)
According to TinTucBitcoin's technical analysis, IP appears optimistic and may be preparing for a significant price increase. On the daily timeframe, this asset has formed an inverted head and shoulders reversal pattern, with a potential breakout.
Source: Trading View
Based on recent price action and clear patterns, if the bullish momentum of IP continues and the price surpasses the neckline of the pattern, the asset could increase by 25% and reach $5.30 in the near future.
However, it is important to note that despite the recent price increase, the price of IP is still trading below the 200 EMA at the current time. This indicates that the asset is in a downtrend.
Combining the price action of the altcoin with on-chain indicators, it seems IP may soon surpass significant levels. IP may be preparing for an impressive price increase in the coming days.
Source: https://tintucbitcoin.com/du-doan-gia-story-ip-tien-dien-tu-tang-25-sap-toi/
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