Story (IP) Shows Phenomenal Turnaround with 36% Daily Surge

• Story Protocol (IP) is witnessing a robust bullish momentum on the daily technical chart.

• IP price has surged by almost 36% in last 24 hours showing bullishness.

Story Protocol (IP) has been performing a phenomenal turnaround in the recent trading sessions, with a very strong bullish momentum that has attracted the attention of the market. CoinMarketCap data shows that the altcoin has gained an impressive 36% in last 24 hours. Moreover, the daily trading volume has increased by 190% which shows that there is a lot of buying interest and investors have regained confidence in the project.

The price action shows a strong story of recovery since IP hit important levels of around $2.00-$2.50 at the end of June and the beginning of July. The altcoin has managed to close above its 50-day EMA mark at $3.538, which is a key technical achievement that usually marks the start of a new period of bullish growth. This bullish breakout above the 50-day EMA shows that bulls have taken back control and are pushing the asset into a more favourable area.

Technical indicators are becoming more bullish. Relative Strength Index (RSI) has risen to 73, which is well in the positive area and indicates a high buying pressure. Although this reading is close to overbought levels, it is an indication of the real excitement over the recent performance of Story Protocol. The Moving Average Convergence Divergence (MACD) indicator is also sending positive signals, where the MACD line has crossed the signal line and the momentum is gaining strength towards the upside.

What’s Next For Story Price?

Another positive aspect of this rally is the social sentiment analysis. The social sentiment gauge has moved out of the red zone in the middle of the summer into positive levels. This implies that market psychology and community perception are on the positive side, hinting at the technical recovery. This confirmation of the price action with social sentiment tends to give further confirmation to the continued price action.

From the resistance and support point of view, Story Protocol could experience direct resistance at $5.344 and then the more important resistance at $6.480. These levels are former consolidation areas in which selling pressure can appear. On the other side, the asset has developed a strong support at the level of $4.00, and the 50-day EMA at $3.539 can serve as an additional support.

The combination of robust volume expansion, bullish technical signals, and the fact that the social mood is shifting towards the positive, as well as the reclaiming of major moving averages, indicates that Story Protocol might be at the beginning of a new market cycle. Nevertheless, traders ought to keep an eye on the RSI to check whether it is overbought and observe the price action near the resistance levels found to determine continuation.

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