The Story (IP) price has been the most winning token in the market in the last 24 hours. During this time, a 4 percent price increase in the market by recording the general decline in the market. The Altcoin Rally is fed with strong demand as it is reflected in the increasing volume and short liquations. Crypto analyst Abiodun Oladokun ‘ According to, BThe boys’ powers As they regain it, they can push the IP to new peaks in the coming days.
The rally of IP is fed with demand, but there are also those who sell it!
The daily transaction volume of IP increased by 53 %in the last 24 hours and reached $ 159.47 million. This increase took place in the same period despite a wider market decline in the total crypto market capitalization, which deleted $ 148 billion.
IP price and transaction volume. Source: centimeterThe accompaniment of the transaction volume rising to the increase in the price of an asset indicates strong market interest and increasing demand. This trend for IP shows that the price increase is due to real demand, not speculative trading activities. Despite the current ascension momentum, the futures market data shows that IP investors have opened an aggressive way, as the Long/Short ratio shows. During the article, this rate is below 0.97.
IP Long/Short ratio. Source: coinglassThe Long/Short ratio measures the ratio of long positions in a market for Short positions (bets for price decreases). A higher ratio indicates a tendency to rise, while a lower ratio indicates the increasing pressure pressure. As in the IP, when the ratio falls below 1, it means that there is more Short positions than long positions. This means that the traders are predominantly betting on a price drop.
However, the rising price of the IP has triggered an suspension of almost $ 1 million in the last 24 hours. This situation forces those who export to close their positions. Therefore, this can further increase the price of Altcoin in the short term.
IP Price Estimation: Altcoin bulls target $ 6!
Readings from the Elder-Ray Index of IP support the rise appearance. As of this article, the indicator measuring the power of an asset is 0.46. When the value of the indicator is positive, the control is in the hands of the bulls. The trend shows that the IP is currently traded at a higher price than the bear power value and points to the upward acceleration. If this continues, the token price may rise up to $ 6. On the other hand, if the demand stops, the price of the IP may drop to $ 4.36.
IP Price Analysis. Source: TradingViewThe opinions and estimates in the article belong to the analyst and are not definitely investment advice. Kriptokoin.comWe recommend that you do your own research before investing.
