Key Takeaways
- Descending Parallel Channel: Story (IP) has been trading within a long-term descending parallel channel since March, typically indicative of corrective movements.
- Symmetrical Triangle Pattern: The current price action forms a symmetrical triangle, suggesting potential volatility ahead.
- Critical Juncture: The IP price hovers at the channel's midline, leaving the next direction uncertain—bounce to resistance or drop to support.
IP Price Analysis
Long-Term Trend Overview
Since early May, the IP price has plummeted over 50%, hitting a June low of $2.44**. A recent bounce coincided with whale accumulations totaling **$50 million, signaling potential recovery momentum.
Technical Indicators:
- RSI: Bounced above 30 but lacks bullish divergence.
- MACD: Shows a rebound but no bullish crossover yet.
- Key Levels: Horizontal supports at $1.60** and resistances at **$3.60 align with channel trends.
📊 IP/USDT Daily Chart | Credit: TradingView
Wave Count Predictions
The Elliott Wave Theory suggests IP is in the C wave of an A-B-C correction starting in March. Sub-waves indicate a potential drop to $1.70 before completing the correction.
🔍 IP/USDT Six-Hour Chart | Credit: TradingView
Future Outlook
While the bounce fueled market recovery, the symmetrical triangle in sub-wave four hints at an impending breakdown. A decline toward $1.60 remains probable, marking the correction’s end and paving the way for upward momentum.
👉 Explore real-time IP price trends
FAQs
1. Why did the IP price rebound recently?
Whales accumulated $50 million worth of IP, creating buy pressure amid broader market declines.
2. What’s the significance of the symmetrical triangle pattern?
It often precedes volatility, with a breakdown likely leading to a drop toward $1.60.
3. Is the IP correction over?
Not yet. The wave count suggests one more low near $1.70 before reversal.
👉 Learn how to track whale movements
Disclaimer: This content is for informational purposes only and not financial advice. Investments carry risks; conduct independent research or consult a financial advisor.
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