Amid ongoing market volatility, Story IP (IP) token has raised concerns within the cryptocurrency community due to its unusual price movements over the past few hours. The altcoin, which had maintained a $1 billion valuation, experienced a sharp decline of over 20% in a matter of minutes, sending shockwaves through traders and investors. This rapid price drop caused it to briefly fall below the $3.8 mark, eliminating significant gains before showing signs of recovery.
Story Token Experiences a 21.5% Drop in Minutes
Recent reports highlight that Story IP’s price plummeted by 21.5% within a brief period, triggering a widespread panic sell-off. During this sell-off, Binance Futures and OKX Spot exchanges contributed heavily to the volume surge, exacerbating the token’s rapid decline. However, the token quickly stabilized above the $3 mark, regaining lost ground in a sign of recovery.
Despite the quick rebound, some market analysts are speculating that this might be a case of a “buy the rumor, sell the news” scenario, further fueling uncertainty in the market.
Story Token Hits Multi-Month Low Before Rebounding
The sudden price fluctuations followed a period of sideways movement, with the token’s price experiencing significant volatility. This led to an unexpected surge in trading volume, which spiked by over 176%, reaching $119.35 million. This volume accounted for about 10.5% of Story IP’s total market cap, which stood at $1.045 billion.
On technical indicators, the Relative Strength Index (RSI) showed a sharp dip into the oversold range on the 30-minute timeframe, signaling strong bearish pressure. However, bulls quickly regained control, leading to a swift reversal and increased price volatility.
Conversely, the Simple Moving Average (SMA) indicator continues to act as a barrier, signaling bearish sentiment in the short-term price action.
What’s Next for Story IP Token?
Looking ahead, if bullish momentum persists, the price could retest its key resistance level of $4.075. A sustained move above this level may push Story IP toward its upper trend target of $4.310 this week. However, if market liquidations continue to intensify, the price could dip toward the lower end of its range at $3.555. In a worst-case scenario, increased bearish sentiment could see the token retesting its crucial support at $3 in the near future.
As the market continues to react to these fluctuations, traders and investors will be keeping a close watch on Story IP’s movements to gauge the future direction of this altcoin.
Related topics:
XRP Surges Amid Trump’s Tariff Pause: Will It Reach $3 This Week?
U.S. Stocks Surge by $3.5 Trillion After Trump’s Tariff Pause Announcement
Memecoin Surge: DOGE, SHIB, and PEPE See 15% Gains, What’s Ahead?
