Story’s (IP) prices have been exhibiting renewed strength after rebounding from a key support zone aligned with a fair value gap near $2.40. The aggressive bounce suggests that IP buyers may be actively defending this price level – Turning it into a short-term foundation for price stability.
That’s not all though as the Stochastic RSI appeared to be approaching the oversold zone at press time. This cemented the imbalance zone as a key turning point for the altcoin’s price action.
Source: TradingView
Institutional demand on the rise
IP’s Open Interest climbed by $10 million over the last 24 hours, pointing to a hike in fresh capital volume flocking the market. Big players accumulate more long positions on the dip.
In fact, figures for the same were as high as $89 million at press time. This could be indicative of growing confidence in IP’s price action among investors and traders.
Source: Santiment
Whales take the biggest share of market supply
Whale activity seemed to reinforce that positive sentiment too. In fact, the share of total IP supply held by large holders has risen to 55%, indicating that deep-pocketed investors may be accumulating during the dip rather than distributing.
As can be seen from similar whale and institutional alignments in the past, such behaviour often reflects expectations of higher prices ahead. Especially when it coincides with better derivatives activity.
Source: Santiment
What could be next for IP?
With the support level holding, institutional positions rising, and whale control expanding, the market sentiment may be gradually shifting in favor of the bulls.
The big question now would be if there is any follow-through buying spree action that could kick in. If there is enough buying pressure, IP might gain enough strength to move past the press time levels and test the $4-zone – An intersection point of both the resistance levels and the liquidity.
Whether this level comes into effect in the near future will depend on market participation levels from larger players and whether the market can sustain above levels of $2.40.
In summary, the liquidity cluster summing up to the $290k placed at the psychological level of $4-resistance would be the most prominent target in line with IP’s price.
Source: Coinglass
Final Thoughts
- IP saw renewed momentum after defending the $2.40 fair value gap, with institutional positions strengthening rapidly.
- Hike in Open Interest and expanding whale control hinted at growing confidence across the market.
Source: https://ambcrypto.com/story-ip-price-prediction-is-a-move-towards-4-next-for-the-altcoin/
