[IP] is gaining attention with its impressive performance

CoinMarketCap data shows the recently launched asset surged over 13% over the past day.

Story [IP] is gaining attention with its impressive performance.

CoinMarketCap data shows the recently launched asset surged over 13% over the past day.

This price surge suggests room for further gains. According to AMBCrypto, the token appears bullish, breaking out of a symmetrical triangle pattern on the daily chart. It also overcame resistance from a descending trendline.

The price has now hit $6.35, encountering modest resistance. If IP closes a daily candle above $6.50, it could surge 42% to $9, its all-time high.

Such a move might even set a new record for the asset. Recent price action and historical patterns support this potential growth.

At the time of writing, IP’s Relative Strength Index (RSI) is at 61, suggesting that the asset has strong momentum and still has enough room to continue its upside rally.

During this time, its trading volume increased by 180%, reflecting growing interest from traders and investors, likely driven by the recent breakout.

Major liquidation levels

However, this bullish price action is further supported by intraday traders, who are strongly betting on the long side, as reported by the on-chain analytics firm Coinglass.

Data revealed that traders were over-leveraged at the $5.85 level on the lower side and $6.54 on the upper side, with $4.91 million and $3.10 million worth of long and short positions, respectively.

These over-leveraged positions indicate that bulls are strongly dominating the asset, potentially supporting IP’s continued upward momentum.