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IP Coin Price Skyrockets 86% in a Week – Will It Hit $9 or Fall Below $6?
The cryptocurrency market has been experiencing a steep drop of 10.19% since February 23, but one token, IP, has defied the trend by surging 39.66% during the same period. This drastic change in sentiment has propelled the asset’s price growth to an astonishing 86.2% over the past week.
At the beginning of the week, the overall market capitalization of the cryptocurrency sector stood at $3.14T. However, a sharp correction occurred between February 23 and 26, resulting in a decline of 12.42%. This massive drop brought the total market capitalization down to $2.81T, representing an increase of 2.18% compared to yesterday’s closing price.
On the other hand, IP has demonstrated exceptional resilience, reporting a remarkable growth of 77.62% between February 24 and 26. During this period, it consistently remained the top gainer in terms of 24-hour growth. Data suggests that high demand is driving the price surge.
Technical analysis also sheds light on the current market situation for IP. The SuperTrend indicator on the four-hour chart reveals that a dynamic support level has been established at $4.9. This significant bullish pressure indicates that the asset’s price will remain above this threshold, suggesting an upward trajectory.
Currently, the IP token is trading at $6.2, which is significantly higher than the SuperTrend value of $4.9. The formation of a strong support level implies that there exists substantial buying pressure in the market.
Source: https://coinpedia.org/news/ip-coin-price-skyrockets-86-in-a-week-will-it-hit-9-or-fall-below-6/
