- IP fell in the last 24 hours at the time of around 12.74%, with price trade just above $ 3.
- More shorts are just below the level of $ 3.5, with more disadvantage potential after long lever orders under $ 3.
Story protocol [IP] Peltered by a huge margin with price ranging from $ 3.08, a price decrease of 11.8% within 24 hours. Token also fell by 24.2% per week and 26.4% in the past two weeks.
The monthly losses of 26.4%in June followed a trend that started in March (-12.8%), April (-15.6%). However, it reached the highest peak of 125.5% in February and a slight profit of 4.36% in May.
The quarter returns of Q2 fell by 35.7% compared to the previous quarter, where it had brought an increase of 96.7%.
Source: Cryptorank
Within a short duration of three months, the story protocol smoking has fallen by 43.9% since the ATH of $ 7.29. Nevertheless, IP years had risen by 26.3% to date.
This proved that the tree was not completely eliminated in February, but it was quickly narrowing.
Price is falling Spark Spikes in liquidations
While the trend of the story protocol smoking was a reduced momentum and constant sales pressure, the level of $ 3 was against a likely demolition. Traders had to wait longer for the price to show signs of life, while it continued to bleed.
In the meantime, the liquidation Heatmap underlined a short liquidity of the public just below $ 3.60. This was a likely power of downward pressure. With the price fall, visible long liquidations were seen at $ 2.90 and $ 2.50.
The levels were important areas where potential buyers could fight.
Source: Coinglass
The level of $ 3.00 had become a neutral pivot point. In this way, an exceedance would be briefly called up to $ 3.60, but a movement under $ 2.90 can make way for faster liquidations for $ 2.50.
In that respect, the price would be attracted to the highest liquidity concentration.
Where does the price of IP go?
The outbreak of the story protocol prize was stopped with the support of $ 3.50 a sign of a considerable bearish continuation. The continuation of the trend was in a falling triangle, with the trendline as the top.
The breakdown of the support zone for the price range of $ 3.50- $ 3.60 led to a bearish movement and could lead to the price at the support level of $ 2.98.
Each break below $ 2.98 can create space that leads to a fall to a larger flat in the resistance/demand range of $ 1.91.
Source: Trade reproduction
On the other hand, the recovery of the $ 3.60 would weaken their reliability and cause a retest of the trend line near the $ 4.00 level. The MacD indicator was very bearish.
This was due to the growing opening of the signal line under the zero marking and the excesses of the histogram in red.
This ran an extension in the opposite direction, unless Bullish Diversity was created.
Although the tone leaned to the Bearish side, there was a tendency to bring the buyers to the spot as the price approached $ 2.98.
That is why a reaction in the $ 3 zone would play a crucial role in determining whether IP stabilizes or keeps falling lower.