IP Rallies Amid Broader Market Downturn
IP has defied the broader market downturn after its recent listing on Kraken, buoyed by ongoing ecosystem developments.
On March 11, IP rose by nearly 16% to reach an intraday high of $5.6, marking a shift from a bearish trend with its market cap surpassing $1.3 billion. The daily trading volume was $151 million, while the circulating supply exceeded 250 million tokens.
Factors Supporting IP’s Growth
Several partnerships and ongoing developments have allowed IP to break away from the current bearish trend affecting the broader crypto market, which fell 5% in the last day as of press time.
-
Kraken Listing: On March 10, Story secured a listing on top-tier exchange Kraken, traditionally leading to a spike in investor interest and trading volume.
-
Expansion of Ecosystem: Story has made progress on its roadmap, notably with the IP Portal launched for public preview on March 7. This platform allows users to register and browse IP easily across applications on Story. Commitment to progress boosts investor confidence.
-
Integration with Orderly: Story Protocol has partnered with the decentralized exchange Orderly to unlock greater liquidity for tokenized intellectual property. This enhancement allows for improved trading and monetization of IP assets, including AI training data, patents, and digital content.
Additionally, the Story Academy has contributed to the growth of its ecosystem, having launched 38 projects in areas like IPFi and AI. Projects like Sekai and Magma have received grants from notable investors.
IP Price Analysis
On-chain metrics suggest that gains for IP may continue in the upcoming days. Data from CoinGlass indicates continuous net outflows from exchanges, signaling bullish sentiment among traders regarding the token’s long-term potential.
Recent technical indicators show positive momentum. On the 4-hour/USDT chart, the MACD indicator is trending upwards. The Aroon Up indicator stands at 92.86%, confirming strong buying pressure.
If momentum persists, IP may attempt to retest the $6 psychological resistance. A successful breakout could signal a trend reversal, although market uncertainties from U.S.-China trade tensions could pose risks.
As of press time, IP was trading at $5.46, up 6%.
Disclaimer: This article does not constitute investment advice; it is for educational purposes only.
Comments (0)