IP has entered a consolidation phase, recently ending the three-week downtrend that was weighing upon its price.
According to data from crypto.news, Story (IP) rose 9% to an intraday high of $4.27 on April 9, afternoon Asian time. Its market cap was seated at nearly 41.1 billion, while its daily trading volume was slightly higher than the previous day, hovering around nearly $100 million.
Today’s gains were fuelled by renewed optimism around a potential Binance listing, as voting for Story’s listing under the exchange’s “Vote to List” campaign enters its final stretch.
With strong backing from the community, IP seems like a strong contender for a listing on the world’s largest cryptocurrency exchange by volume.
On top of this, Aria Protocol, a leading IP-focused project powered by Story protocol, recently revealed the addition of partial royalty rights to Pop artist Madonna’s hit single “I Rise” into its launch vault of IP-backed music assets.
Meanwhile, Verio, Story’s IP staking platform, went live on April 8, allowing users to stake IP and earn rewards based on the momentum of creative works.
Once a project hits 100 IP in staking, the creator begins earning from their royalty vault, and everyone who tipped or staked early shares in the upside.
IP price analysis
On-chain metrics and technical indicators suggest the gains could extend over the coming days.
According to data from CoinGlass, open interest in the IP futures market rose to $62.23 million, up from the previous day. Additionally, the weighted funding rate has remained positive for the past two days, which indicates that the majority of trader positions are leaning bullish at the time of writing.
On the 4-hour USDT chart, IP has broken out of a multi-week descending channel, signaling a shift to bullish momentum.
Both the MACD and signal lines are trending upward, supporting the reversal. Price is also nearing the upper Bollinger Band at $4.35, suggesting continued strength and the potential for a breakout if bulls stay in control.
Hence, the next likely target for IP is at $5, which serves both as a psychological resistance level and as a key support level for the asset. A break above this could trigger bulls to target the $6.4 key resistance level, which is nearly 51% from the current price level.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
