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AI Tokens Are Heating Up! Story’s IP 25% Pump Is Just The Start If…
The crypto market has witnessed a remarkable surge in the past few days, with altcoins outperforming Bitcoin. Amidst this upsurge, AI tokens have taken center stage, with Story Protocol leading the charge. In a stunning display of momentum, the token [IP] has seen a whopping 25% pump over the past day, accompanied by an astonishing $181.44 million in trading volume.
As the price action continues to unfold, it appears that this pump may not be just a fleeting moment. Data from Story Scan indicates significant increases in chain activity, including a massive spike in completed transactions and contract deployments. This surge in on-chain deployments often precedes platform stickiness, supporting the notion that this is more than just a flash crash.
One key area of focus for traders will now shift to the $5 level, as it has been established as a critical resistance zone. If IP can successfully reclaim and flip this region into support, the bullish thesis could remain intact. Conversely, failure to hold above this threshold may signal a reversal in the market’s sentiment.
It is worth noting that the liquidity zones have shown strong support for the upward movement of [IP]. Furthermore, the money flow index has reached an overbought level, indicating a significant amount of buying pressure. As such, it can be inferred that traders are aggressively accumulating the token at this price point.
However, it’s essential to acknowledge the elephant in the room – the leverage danger zone around $5. According to CoinGlass’ Liquidation Heatmap, there is an extraordinary concentration of short liquidations between $4.5 and $5.08, as well as a concentrated region at $516K. This development indicates that there is considerable buying pressure from traders who are eager to get in on the action.
If Story Protocol can successfully reclaim this critical area, the momentum may be rekindled, potentially sending the token skyrocketing further. Conversely, if this resistance is not overcome, it’s possible that the market’s sentiment will shift and the rally could lose steam.
In conclusion, this remarkable 25% pump in [IP] can’t be written off as a mere flash crash. The sheer magnitude of buying pressure coupled with fundamental data from Story Scan underscores the potential for further upside in this asset class.
Source: ambcrypto.com
