title: Layer-1 (L1) coin IP has extended its winning streak

IP's price has climbed by 30% in the past 24 hours, and the altcoin has emerged as the market's top-performing asset

The price of Layer-1 (L1) coin IP has extended its winning streak for yet another day. Its value has surged by 30% in the past 24 hours, making it the best performing cryptocurrency during that period.

As market sentiment continues to grow increasingly bullish on the asset, IP is now nearing its all-time high.

IP Breaks Out of Downtrend Amid Market Slump

While other cryptocurrencies have seen their prices decline, Layer-1 coin IP has seen its price rally by 30% in the past 24 hours.

This move has also seen the altcoin break out of the descending parallel channel that had been keeping its price in a downtrend between February 21 and 25.

When an asset breaks above this channel, it signals a trend reversal. In this case, it suggests that the selling pressure on IP is decreasing, and buyers are gaining control.

This breakout can be seen as a bullish confirmation, which is usually effective when it’s supported by strong trading volume.

This was the case for IP over the past 24 hours. Its trading volume has seen an increase of 197%, reaching an all-time high of $1.73 billion.

When an asset’s trading volume rises during a price rally, it signals strong market participation and confirms the legitimacy of the upward move. It suggests increased buying interest among IP traders, which strengthens confidence in the breakout and reduces the likelihood of it being a false move. This, in turn, signals the potential for sustained gains.

IP Flips $6 Resistance into Support

On an hourly chart, IP has now flipped the resistance at $6 into a support floor. If this level holds and demand for the altcoin continues to grow, it could rally toward its all-time high of $9.

However, a break below this support floor could cause IP to return within the descending parallel channel, in which case it could trade at $4.36.