ATH Momentum: Can Story (IP) Ride the 20% Pump and 668% Volume Surge Higher?

• Story price hit a new ATH, currently trading at $10 after a 20% jump.
• IP’s daily trading volume skyrocketed by over 668%.

While the neutral sentiment has lingered in the crypto market for the last few days, the assets display mixed signals — red, green, and sideways. As of today, the market cap is settled at $3.87 trillion, with a few major tokens charted in red and some in fading green. Meanwhile, BTC and ETH, the largest assets, are trading on the downside.

Among the altcoins, Story (IP) has posted a recovery with a 20.43% daily surge. Notably, the asset has smashed through its crucial resistance between $8.59 and $11.70 zones to hit a new all-time high at $11.75. Before the bullish shift occurred in the market, IP traded at a bottom level of $8.54.

As per the CMC data, at press time, Story traded within the $10.29 range, with a market cap of $3.13 billion. Besides, the daily trading volume of IP has skyrocketed by over 668%, reaching $649.99 million. The market has observed a liquidation of $4.03 million worth of Story, according to Coinglass.

Story’s Rally: How Long Can it Last?

The technical indicator analysis of Story exhibits that the Moving Average Convergence Divergence (MACD) line is settled above the signal line. This implies a bullish crossover in the market, with the potential for further upward price movement.

In addition, the Chaikin Money Flow (CMF) indicator of IP found at around 0.16 marks a moderate buying pressure in the market. Since the value is above zero, the capital is flowing into the asset. Notably, the higher the value, the stronger the bullish signal.

The Story’s four-hour price pattern displays the potential for more upside, with the price finding its key resistance at the $10.36 range. Upon continuing the bullish correction, the golden cross might emerge, and the bulls could target the crucial $10.43 mark.

On the flip side, a potent reversal of the uptrend would let the Story price slip and bring in a retest of the $10.22 support. If this level collapses, the downside correction strengthens and triggers the death cross formation. The bears might send the price below $10.15.

Furthermore, the daily Relative Strength Index (RSI) staying at 68.03 hints that IP may approach the overbought zone soon. However, it has the potential for a reversal or a short-term pullback. Story’s Bull Bear Power (BBP) reading of 1.374 signals that the bulls currently have the upper hand, but the strength is not extremely high. If the value rises, it likely supports a further uptrend.