Amid the ongoing market uncertainty, Story IP price has come under the limelight of the crypto community with its abnormal price action over the past 4 hours. Reportedly, this altcoin experienced a major drop of over 20% in minutes, resulting in it losing its status of $1 billion in valuation.
However, after successfully retesting its crucial low of $3, this altcoin quickly regained momentum. This has resulted in it wiping out all its gains as the token is back above the $3.8 mark. Following this, marketers are now speculating a possible buy the rumor, sell the news kind of situation.
Story Token Drops By 21.5% Within Minutes!
As per the latest news, Story (IP) token displayed a sudden volatility in its price action today. The token came to the attention of the market after experiencing a crash of 21.5% in its valuation within minutes. This led to a panic sale, resulting in the price further retesting its lower price target.
Notably, during the freefall movement of this altcoin, the major volume contributors were Binance Futures and OKX Spot. However, the altcoin stabilized above the $3 mark and has reclaimed its lost value.
IP Coin Price Retests Its Multi-month Low!
After displaying a sideways price action for a period, the Story coin price witnessed a significant rise in the liquidation process. This resulted in this altcoin experiencing a jump of over 176% in its intraday trading volume to $119.35 million. Thi this accounts for about 10.5% of its total valuation of $1.045 billion.
The Relative Strength Index (RSI) plunged sharply below the oversold range in the 30-minute time frame. However, the bulls regained momentum immediately, resulting in a strong bullish reversal. This highlights an increase in price volatility.
On the other hand, the SMA indicator constantly acts as a resistance to the price chart. This indicates an increase in the negative sentiment for the altcoin in the shorter time frame.
Will Story IP Price Rise Back Up?
If the bulls regain momentum, in that case, the IP coin price will retest its important resistance level of $4.075. Maintaining the price above that level could push the price of this altcoin toward its upper trend level of $4.310 this week.
Conversely, increased liquidations could pull the Story price toward its low of $3.555. Furthermore, if the bearish sentiment intensifies, then this could plunge toward its crucial low of $3 within a short period.
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