- Traders seemed too much too much supplied at $ 3.70 at the bottom and $ 4.28 at the top
- The OI-weighted financing percentage of IP had a value of +0.0006%, indicating that traders have been heavy bullish
IP, the native token of the story, can be ready for an upper rally in the charts when approaching a bullish breakout. IP has recently received considerable attention from traders and investors and records a price die of more than 25%. Soon it could be ready to repeat this momentum.
Bullish on-chain statistics
According to Coinglass of Analytics, analysis of the chain, traders have gambled on the bullish side in particular.
$ 2.64 million in bullish bets
At the time of the press, traders seemed heavily delivered at $ 3.70 at the bottom (support) and $ 4.28 at the top (resistance), according to the IP exchange liquidation card.
It turned out that the traders had built for $ 2.64 million in long positions at these levels, hoping that the price would not fall below $ 3.70 mark. They also built up $ 1.05 million in short positions, anticipating that the price would not rise above the $ 4.28 level.
Source: Coinglass
Simply put, this metric suggested that traders with a bullish vision actively dominate. On the contrary, traders with a Bearish View can become exhausted.
Traders strongly believe in a bullish prospect
Here it is worth noting that IPs OI-weighted financing percentage had a speed period of +0.0006%.
The OI-weighed financing rate is an on-chain statistics that reflect the Bullish of Bearish Sentiments of traders on the basis of open interest in futures contracts. The aforementioned lecture indicated that traders have been heavy bullish.
Source: Coinglass
Moreover, in the last 24 hours of IPs Open Interest (OI) has risen by 6%, which further supports and strengthens the positive financing percentage.
At the time of the press, IP was traded near $ 4.16, with a price increase of more than 6.5% in the last 24 hours. In the same period, the trade volume jumped by 70% – a sign of increased participation of traders and investors compared to previous days.
Story (IP) Price action and technical analysis
According to the technical analysis of Ambcrypto, IP Bullish seemed to be and it can be ready for a remarkable price die. In the daily period of time, the actively bullish inverted head-and-shoulders formed price action pattern, with the crypto possible on the edge of an outbreak.
Source: Trade reproduction
Based on the recent price promotion and apparent patterns of the Altcoin, when the upward momentum of IP continues and the price transfers the neckline of the pattern, it can actively rise by 25% and reach the level of $ 5.30 in the near future.
Worth to note that despite the recent rally, the price of IP was still traded under the 200 exponential advancing average (EMA). This indicated that it was active on a downward trend.
When combining the price action of the Altcoin with statistics on the chain, it seems that IP could quickly violate the most important levels. IP might be ready to record an impressive rally in the coming days.