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Key Takeaways
Story [IP] has extended its Q3 recovery to over 270% amid bullish catalysts like buybacks and network traction. But can bulls push higher?
Story Protocol [IP], the platform that promises to allow creators to have intellectual property (IP) over their creations, mooned over 30% this week after an explosive +20% move in the past 24 hours alone.
Since July, IP has rallied over 270%, from around $3 to over $10.
Apart from the broader market recovery in early Q3, IP recovery also benefited from $82 million buyback program and the crypto treasury announced at the end of August.
The latest move also coincided with a small but noteworthy revenue jump from $24 to $734. This implied a 30x improvement. But can it stay above $10?
Bears and bulls battle for $10
Source: IP/USDT, TradingView
At the time of writing, bulls were rebuffed near $12, and the price hovered around $10, a key psychological and an extended Fibonacci level.
But the daily RSI tagged the overbought territory, implying a cool-off and slight retracement could be due.
Even so, bulls still have a market edge and could push higher. Hence, a dip to $9 could be a buying opportunity for late bulls, targeting $10 or the next upside target at $15.
A sustained drop below $9 and the 20-day EMA (Exponential Moving Average) could dent this bullish near-term thesis.
Story’s network traction doubles
Source: DeFiLlama
Additionally, IP’s traction has doubled in September. According to DeFiLlama, DEX Volume increased from $3.5 million to $7 million. Hence, the network growth also partly added to the rally seen in the past few days.
That said, there were liquidity pools and price magnetic zones at $7.5 and $10. This could attract price action if IP’s cool-off extends below $9.
Source: CoinGlass
However, if bulls hold above $10, they could attempt another run towards $15 if market sentiment remains positive ahead of inflation data and the Fed rate cut decision.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
