- Story [IP] has a bearish structure, but it can bounce to $ 3.4
- Liquidation HeatMap hinted in the coming days to a potential bearish reversal
Story [IP] Since 11 June, 27% of its value has dropped. However, Token bounced somewhat in the last three days, with a rally of 12.89% who recently illuminated losses. Despite this increase, however, the market structure was still strong Bearish at the time of the press.
The volatility around Bitcoin [BTC] has influenced the rest of the market.
Given the bearish prospects of IP, traders must be looking for opportunities for sale. Ambcrypto emphasized key resistors that must be recovered as support before the token can determine an uptrend.
Story IP – Price forecast – Bears that are expected to decide the next step
Source: IP/USDT on TradingView
In May, IP Bulls tried to establish an upward trend. They were able to create a bullish market structure shift and also to stimulate the price above the advancing averages. This attempt was reversed later in the month.
The losses in the past two weeks brought IP to new lows. A set of Fibonacci retracement levels was deported based on the decrease. The levels of $ 3.41, $ 3.61 and $ 3.89 would be the most important retracement levels that are expected to serve as a resistance.
The OBV climbed higher last week, but the great oscillator continued to signal the dominance of Beerarish. The conflicting signals can be resolved with the help of the price action, especially because the 1-day market structure Beerarish remained.
A retest of the supply zone of $ 3.5- $ 3.6 would probably offer a sales option.
The liquidation heat was agreed with this conclusion. The heat of the 1-month lookback period emphasized the $ 3.2- $ 3.3 area and the $ 2.4 area as the nearby remarkable magnetic zones.
Price is attracted by liquidity. The structure of liquidations above the local high would probably be swept before the next Bearish movement. This could even see the bounce go up to $ 3.41 – the 50%retracement level.
Traders must remain agile when searching for sales options. The coming week is likely volatileWhich could be profitable if it is navigated correctly.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer