Prolonged selling pressure drives Story lower in Thursday trading

Traders Union
All News
Crypto
Story slides 7.26% to $0.2939 today

Highlights

IP/USD faces sustained bearish momentum, trading below major moving averages and closing sharply lower at $0.2939 after a 7.26% drop.
Momentum indicators present mixed signals, but overall market action suggests sellers remain in control despite some oversold readings.
Expected consolidation range is $0.2642 to $0.3236 for the next several sessions, with a 74% probability of further downside unless $0.3107 resistance is reclaimed.

Mixed momentum signals amid resistance at Ichimoku Kijun

On the technical front, IP/USD trades below the MA-20 and MA-50 on the hourly timeframe, and remains well beneath the MA-200 on the daily chart. Immediate resistance is identified at the Ichimoku Kijun level of $0.3107. Momentum indicators present a mixed picture: the Moving Average Convergence Divergence (MACD) gives a Sell signal, while the Average Directional Index (ADX) points to Buy, underscoring divergence in trend assessments. The Relative Strength Index (RSI) signals Sell, and both the Stochastic RSI and Commodity Channel Index (CCI) indicate oversold conditions, suggesting persistent selling pressure. Bull/Bear Power points to intraday buyer activity, but the Awesome Oscillator maintains a bearish bias, aligning with the prevailing downtrend.

Consolidation likely as downside breakout risk dominates

Over the next 2 to 3 trading days, the expected price range is $0.2642 to $0.3236. Probability models indicate only a 26% chance of an upward move, while a downward scenario is more likely at 74%. The baseline scenario anticipates price will consolidate within this corridor. A breakout above the $0.3107 resistance would signal a bullish reversal, whereas a decisive drop below $0.2642 would confirm the bearish case.

Anton Kharitonov, expert at Traders Union, sees further weakness in Story (IP) with clear downward pressure below all key moving averages. He notes mixed technical signals, but emphasizes the overwhelming bearish bias and low probability for an upside breakout in the immediate term. Resistance at $0.3107 and support at $0.2642 define the near-term range. "Until $0.3107 is reclaimed, caution remains paramount and the path of least resistance is still down," he says.

Earlier, analysts noted that Story was experiencing persistent bearish sentiment amid continued technical weakness. The latest price action and indicator divergence underscore that downside risk remains the dominant factor, making a decisive move below $0.2642 the key level to watch for confirmation of a bearish extension.

Source of Data: IP Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.