Story's IP Token Has Maintained Its Streak as the Market's Top Gainer for the Third Consecutive Day, Bucking the Broader Downturn

Story's IP has maintained its streak as the market's top gainer for the third consecutive day, bucking the broader downturn.

Story's (CRYPTO: IP) price has continued its streak as the market's top gainer for the third consecutive day, even amid the broader downturn.

There has been a significant decline in crypto trading activity over the past 24 hours, with $109 billion in market capitalization being wiped out during that period. At press time, the global crypto market capitalization stands at $2.79 trillion, a low it last reached in November.

However, despite this, the recently launched Layer-1 (L1) coin, IP, has defied the broader market. It has continued to record new gains, being driven by strong demand from traders for the altcoin.

BeInCrypto’s analysis of the Super Trend indicator confirms IP’s bullish bias. At press time, the green line of this indicator forms a dynamic support level below IP’s price at $4.90, highlighting the market’s bullish pressure.

This indicator tracks the direction and strength of an asset's price trend. It is displayed as a line on the price chart, changing color to signify the current market trend: green for an uptrend and red for a downtrend.

Like IP, when an asset's price trades above the Super Trend indicator, it is in a bullish trend. This signals that buying activity is outpacing selloffs among traders and may hint at a potential sustained rally.

Furthermore, the coin’s rising on-balance volume (OBV) contributes to this bullish outlook. This momentum indicator has been increasing alongside IP’s price over the past few days, indicating strong buying activity in its spot markets.

An asset’s OBV measures its buying and selling pressure by tracking cumulative trading volume in relation to its price movements. When it rises like this, it indicates strong buying pressure, suggesting that demand is outpacing supply, and the asset’s value may continue to rise.

IP Could Rise To $9 High

At the time of writing, IP is changing hands at $6.54, placing it just above the support at $6. If the bulls can exert more strength from here, it could push IP toward its all-time high of $9, last seen on February 21.

However, a strong wave of selling pressure could negate this bullish prediction. In that case, the coin’s price could slip below the $6 support and move toward the dynamic support at $4.90.

If this level fails to hold, we could see IP slide to $4.38.