25.02.2025 13:40
The Story (IP) token has risen by approximately 25% in the last 24 hours, making it the best-performing token in the cryptocurrency market. This double-digit increase has pushed IP towards the upper trend line of a downward parallel channel. This trend line has kept the altcoin in a downtrend since it reached its all-time high of $9 on February 21.
The value of IP rose to an all-time high of $9 four days ago before falling. Currently, the price of the altcoin, which is changing hands at $5.01, has decreased by 45% since then and is trading within a downward parallel channel. Technical analysts indicate that Story has the potential to break out of this downtrend and reach higher levels.
Technical Indicators Are Giving Buy Signals
The Story (IP) token has drawn attention with its performance in the last 24 hours in the cryptocurrency market. During this period, the token recorded a 24% increase. With this rise, IP moved towards the upper trend line of the downward parallel channel.
This chart pattern occurs when the price of an asset moves between two downward-sloping parallel trend lines. It shows a continuous downtrend with lower highs and lower lows. When an asset is trading within this channel, it indicates that selling pressure continues as demand decreases.
The Moving Average Convergence Divergence (MACD) setup confirms the likelihood of this bullish breakout. This momentum indicator signals significant upward pressure in the market.