Amid ongoing market volatility, Story IP has become the focal point of attention within the crypto community due to its sudden and significant price movements over the past few hours. The altcoin witnessed a dramatic drop of over 20%, leading to a loss of its $1 billion valuation. However, following a rapid recovery after testing a crucial low of $3, the token regained some of its value, climbing back above the $3.8 mark.
Story IP Token Experiences Sharp Decline
In the latest developments, the Story (IP) token experienced a sudden price crash of 21.5%, sparking panic selling. This sharp drop caused the token to test its lower price threshold, with major volume contributors being Binance Futures and OKX Spot during the freefall. Despite this, the altcoin managed to stabilize above the $3 level and began reclaiming its lost value.
Price Retests Multi-Month Low
Following a period of sideways price action, Story IP experienced a surge in volatility. The altcoin’s intraday trading volume spiked by over 176%, reaching $119.35 million, or 10.5% of its total market cap of $1.045 billion. This surge in activity highlighted a period of increased market speculation and price instability.
The Relative Strength Index (RSI) also showed signs of oversold conditions during the downturn, but the bulls quickly regained control, triggering a strong bullish reversal. However, the Simple Moving Average (SMA) indicator has continued to act as resistance, suggesting heightened negative sentiment for the token in the short term.
Will Story IP Recover?
Looking ahead, if the bullish momentum continues, the Story IP token could retest its important resistance level of $4.075. Sustaining this level could potentially drive the price toward the $4.310 range later this week. On the flip side, if liquidations increase, the price could dip back to its low of $3.555. If the bearish pressure intensifies, the token may revisit its crucial $3 support level in the near future.
Market participants are now speculating that the recent volatility could be a classic “buy the rumor, sell the news” situation, adding to the uncertainty surrounding the token’s short-term price trajectory.
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