Story (IP) Explodes 14% After Key Support Bounce; Is $10 Within Reach?

• Story (IP) is making a buzz in the crypto market with its strong comeback. IP made a bounce from the 50-day EMA level at $8.621
• IP price surged by almost 14% in the last 24 hours, and the daily trading volume increased by 46% suggesting strong buying interest.

Story (IP) is gaining momentum in the cryptocurrency market with a significant recovery that has technical traders on high alert. The token is currently trading at $9.83, and it has resisted after hitting a critical technical level.

The price movement shows that Story has managed to recover off the 50-day exponential moving average of $8.620, which is a critical dynamic support area that has been demonstrated to be significant during the recent upward trend. This bounce is especially important because it shows the intensity of the buyer interest at this technical level. The token is still sitting well above the 50-day EMA as well as the 200-day EMA at $5.897, which means that the bigger bullish pattern is not lost despite the volatility of the recent past.

The CoinMarketCap data show that Story has shot up around 14% in the past 24 hours, with the daily trading volume increasing by 46%. Such a price growth and volume increase imply actual purchasing rather than a low-volume relief rally, which is positive to bulls seeking to keep the momentum.

What Next For Story (IP) Price?

Source: TradingviewThe technical indicators show a mixed yet improving situation. RSI stands at 62.64, well within the positive zone and indicates that there is still a buying pressure without entering the overbought zone. This gives the market space to keep rising without stretching momentum. The sentiment indicator has shifted to a slightly negative -0.085, yet this is a small value that may not be a sign of a bearish trend but merely a sign of profit-taking following the recent boom.

The MACD indicator narrates a curious tale of possible change. Although the MACD line is still negative at -0.390, there are decreasing red bars in the histogram, indicating that bearish momentum is deteriorating. This divergence usually leads to a bullish crossover, which would further confirm continuation of the trend.

In terms of resistance, the short-term target is at the psychological level of $10, which is a round number and a past consolidation area. An emphatic break above this would lead to a re-test of recent highs around $15. Nevertheless, traders are advised to be wary because the token has just suffered a sharp rejection after reaching such high levels, and overhead supply can be seen as the price nears the past highs.

The combination of high support on major moving averages, the increasing volume and the positive momentum indicators indicates that the recovery of Story is not only a speculation but also has technical grounds.

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