Story (IP) Bulls Eyeing a Strong Move; Is it Preparing for Breakout

• IP token dropped from $5.00 highs to current $4.08, showing lower highs and lows in a bearish consolidation pattern.
• Token trading below key 50-day EMA and 200-day EMA, which now act as resistance levels.

The story (IP) has been very volatile in the last months. As per CMC data, the token is currently trading at $4.08 after a big drop from its recent highs near $5.00. The market is showing a cryptocurrency in a consolidation period, having difficulties staying above important support levels.

Story Protocol started to fall in mid-May after being rejected by the $5.00 level. After that, the token has been making lower highs and lower lows, which shows buyers are losing interest. The bounce from $3.64 shows that some investors are buying at these levels, but the recovery is not yet strong.

Additional bearish signs are found in the moving average analysis. The token is now trading beneath its key exponential moving averages, which are serving as resistance levels right now.

 If the price stays above the 50-day EMA at $4.18 and the 200-day EMA at $4.31 for a while, it could be an indication that the trend is turning around. The fact that the price is below its average values shows that the market is still bearish.

What’s Next In Story (IP) Price?

Source: Tradingview

The MACD indicator is showing signs of possible stabilization lately. As long as the MACD line stays below the signal line. The histogram indicates that the bearish momentum is decreasing which could mean the selling pressure is lowering. Even so, the indicator has not given a clear signal that shows the market has started a new bullish trend.

RSI at 48.37 suggests the token is getting close to oversold but has not yet reached very high levels. There might be more downside ahead before the market starts to recover. The RSI currently suggests neither strong buying nor selling pressure, which matches the current consolidation phase.

The Momentum indicator indicates that sentiment is mostly negative and the latest reading of -0.179 confirms this. Still, since the indicator keeps shifting, volatility is high, which may create chances for both buyers and sellers.

In the future, Story may meet resistance at the $4.20-$4.32 zone which is where several EMAs come together. If the price goes above this level, it could aim for the $4.60-$4.80 range, but if it fails to hold here, it might drop to the $3.64 support or even lower to $3.40.

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