IP/USDT Pair Hovers at $5.00, Awaits Breakout

Story’s IP has been consolidating within a symmetrical triangle pattern, with the price hovering around $5.00. This pattern suggests a potential near-term breakout, with traders closely watching the $5.50 level as a key resistance. If the price crosses $5.50, it could drive IP towards $5.70, indicating bullish strength. However, the MACD indicator currently shows bearish momentum, with a histogram value of -0.0024 and the MACD line marginally below the signal line.

An upward breakout from the pattern could push IP’s price above $9.00, provided the MACD histogram turns positive. Conversely, a breakdown below the pattern, accompanied by further weakening of the MACD, could drive the price down to levels below $3.00. If the price continues to trade within the pattern, a rebound toward higher levels could be on the cards with a neutral MACD. Equally, a bearish breakout could send IP down to $3.00.

Further analysis of the Binance IP/USDT pair using the 24-hour liquidation heatmap on Coinglass highlighted significant liquidity regions that appear to influence IP’s price movement. Key levels include $5.50 as a potential resistance, $5.00 as the current support, $4.50 as a minor support, and $5.70 as an upper resistance. This suggests that IP might trend toward $5.50, as prices often gravitate toward high-liquidity areas for stop-loss or forced liquidations. A breakout above $5.50 could propel the price to $5.70, indicating bullish momentum.

Failing to hold above $5.00, however, could spark a decline to $4.5 as increasing selling flows in. The levels at $5.7 and $6.0 suggest higher-term objectives should a bullish trend prevail. The Coinglass IP Spot Inflow/Outflow chart also depicted a positive netflow in the last 24 hours, at press time. Netflow varied between -$4M and $1M, with significant outflows of -$4M on the 25th of February and inflows of $1M on the 4th of March. However, IP’s recent netflow stood at $175K.