Bears Crush Story (IP) Token with Devastating 25% Intraday Plunge
- Story (IP) price is facing extreme bearishness on the daily technical charts.
- Price broke below the 50-day EMA mark and is heading towards the 200-day EMA level.
- IP price is down by almost 25% in the last 24 hours, suggesting bears dominance.
Story (IP) is now under strong bearish pressure on the daily charts, and the altcoin is at a critical technical junction that may dictate its near-term trend. The token has fallen sharply below its 50-day exponential moving average of $8.507, indicating a change in momentum of the former bullish trend in which the prices went up to highs of about $14.909.
The price activity shows a dramatic reversal after what seems to have been a parabolic rally in September. Story price has now gone into a steep correction period after reaching its peak levels. As per CMC data, the current trading price of the altcoin stands at $7.547, which is a significant drop compared to the recent highs. The violation of the 50-day EMA is especially alarming since it can be a sign of a decrease in buyer support and the development of additional downward movement.
Technical indicators are increasingly painting a bearish picture on the board. The MACD indicator indicates that the indicator has a negative value of -0.399 with a bearish crossover and red histogram bars that indicate that the selling pressure is increasing. The divergence in momentum indicates that the recent upward trend has worn out its welcome and bears are taking over the price action.
What Next For Story (IP) Price?
The RSI value of 39.43 puts the indicator in the negative zone, which is not too far off the oversold levels yet. This implies that there is still more downside potential before the meaningful support level is attained. The sentiment indicator also indicates the current bearish mood, registering 0.026, which shows that there is little positive sentiment among the market participants.
The most important level to observe is the 200-day EMA at $5.787. This is a long-term moving average that has been used in the past as a significant support and resistance point. In case Story does not manage to support itself above this level and falls below it, investors may observe a further boost of the ongoing downward trend, with the possible targets going much lower.
The technical analysis demonstrates that the IP price is in a negative trend. The continued downward movement below the 200-day EMA would probably initiate further selling and may indicate a prolonged bear market period for Story (IP).
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Bears Crush Story (IP) Token with Devastating 25% Intraday Plunge
- Story (IP) price is facing extreme bearishness on the daily technical charts.
- Price broke below the 50-day EMA mark and is heading towards the 200-day EMA level.
- IP price is down by almost 25% in the last 24 hours, suggesting bears dominance.
Story (IP) is now under strong bearish pressure on the daily charts, and the altcoin is at a critical technical junction that may dictate its near-term trend. The token has fallen sharply below its 50-day exponential moving average of $8.507, indicating a change in momentum of the former bullish trend in which the prices went up to highs of about $14.909.
The price activity shows a dramatic reversal after what seems to have been a parabolic rally in September. Story price has now gone into a steep correction period after reaching its peak levels. As per CMC data, the current trading price of the altcoin stands at $7.547, which is a significant drop compared to the recent highs. The violation of the 50-day EMA is especially alarming since it can be a sign of a decrease in buyer support and the development of additional downward movement.
Technical indicators are increasingly painting a bearish picture on the board. The MACD indicator indicates that the indicator has a negative value of -0.399 with a bearish crossover and red histogram bars that indicate that the selling pressure is increasing. The divergence in momentum indicates that the recent upward trend has worn out its welcome and bears are taking over the price action.
What Next For Story (IP) Price?
The RSI value of 39.43 puts the indicator in the negative zone, which is not too far off the oversold levels yet. This implies that there is still more downside potential before the meaningful support level is attained. The sentiment indicator also indicates the current bearish mood, registering 0.026, which shows that there is little positive sentiment among the market participants.
The most important level to observe is the 200-day EMA at $5.787. This is a long-term moving average that has been used in the past as a significant support and resistance point. In case Story does not manage to support itself above this level and falls below it, investors may observe a further boost of the ongoing downward trend, with the possible targets going much lower.
The technical analysis demonstrates that the IP price is in a negative trend. The continued downward movement below the 200-day EMA would probably initiate further selling and may indicate a prolonged bear market period for Story (IP).
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