Story (IP) Token Soars 27.3%: Can It Reclaim Its $9 ATH?

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With a growth of 27.3%, IP, the native token of Story Protocol, has emerged as the top performing crypto in the last 24 hours. The exceptional performance has grabbed the attention of the entire crypto community. IP, which hit the market on February 13, triggered excitement in the crypto community on the first day of the lunch itself, it recorded an impressive single-day growth of 1445.45%. Since the launch, the market has grown by 3933.08%. At one point on February 20, the market reached as high as $9. Currently, the IP price stands at $4.935 – at least 45.166% below the ATH. The big question now is: Will the IP market reclaim its $9 ATH? Let’s dive in!

IP’s 27.3% Surge: Breaking the Downtrend?

Although the IP price witnessed an impressive single-day growth of 104.09% on February 20, between February 21 and 23, the market experienced a sharp drop of 30.09%. 

The IP market has not yet fully recovered from the aforementioned correction yet.

According to experts, the price of IP has been struck in a descending parallel channel since February 21.

However, in the last 24 hours alone, the market has recorded a growth of 27.3%.

Technical Indicators Suggest a Breakout in the IP Market 

In the four-hour chart of IP, the MACD line (blue) sits slightly above the MACD signal line (orange). What this indicates is the domination of bulls in the market. 

The Elder-Ray Index reading of IP stands at 0.40. This also suggests that buyers have gained a clear edge in the IP market.

Also Read :   Is Crypto Bull Run Over?   ,

Key Price Levels: What’s Next for IP?

Experts predict that if the price of IP breaks above the trendline of the aforementioned descending parallel channel, it could reclaim its ATH level of $9.

Experts warn that if sellers regain their control over the market, the IP price may decline to as low as $4.36.

Story Protocol: What You Should Know 

Story Protocol is a Layer 1 blockchain project aimed at making intellectual property programmable and accessible in an AI-driven world through tokenisation. It was on February 13 that Story Protocol officially launched its mainnet.