- $IP shows strong bullish momentum after rising from $8.68 to above $11.00.
- High trading volume of $670M signals significant investor interest in Story Protocol.
- Overbought RSI at 73.84 indicates potential short-term pullback before further gains.
Story Protocol ($IP) has rallied sharply after weeks of sideways action, climbing from $8.68 to above $11.00 before easing back to $10.18. The spike highlights strong market interest and positions the token at a critical juncture for potential breakout setups.
The move reflects heavy participation from traders, with market cap and volume data showing that $IP is being closely watched for continuation signals.
Key Levels Define Support and Resistance
Support for $IP is firm at $8.68, the recent session low, which traders now view as a critical floor if the token retreats. Resistance at $11.00 has capped price advances multiple times, underscoring active selling pressure near that level.
At current levels, $IP trades in a moderate retracement zone, with the 24-hour volume at $670 million, evidence of heightened liquidity and strong investor engagement.
Indicators Flag Overbought Conditions
On the daily chart, momentum remains bullish but shows early signs of strain. The MACD line sits at 0.279 against the signal at 0.689, with a narrowing histogram suggesting fading strength. A cross below the signal line would confirm short-term bearish pressure.
The RSI at 73.84 is well above the 70 threshold, placing $IP in overbought territory. This suggests a potential pullback before buyers attempt another push higher.
Derivatives Market Shows Rising Participation
Open interest in $IP perpetual contracts totals $228.4 million, up 14.6% in 24 hours. Bybit leads with $90.8 million, followed by Binance at $60.4 million and Hyperliquid at $47.7 million. Smaller positions are spread across OKX, Huobi, and Kraken.
The sharp increase in open interest points to heavy derivatives activity and expectations of continued volatility, with traders betting on a possible breakout once resistance levels are tested again.
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Source: https://coinedition.com/story-protocol-price-prediction-ip-breakout/