Is Story (IP) Headed for a Rebound After a 7.2% Drop?

• Story (IP) price falls 7.2% to $4.31, with a market cap decline of 6.43% to $1.11B.
• Trading volume surges 18.47% to $110.9M, with a market cap ratio of 9.61%.

Story (IP) is facing a dark time in the market at $4.31, which is a sign of 7.20% less in a single day. The token’s market cap has also dropped to the tune of 6.43%, settling at $1.11B; thus, things don’t shine well. 

However, the trading volume is on another level, spiking 18.47% to $110.9 million. The volume-to-market cap ratio is pegged at 9.61%, implying active participation despite the falling price. The fully diluted valuation (FDV) still stands at $4.34 billion, and its circulating supply is said to be 258.95 million IP. 

Can Story (IP) Overcome Bearish Pressure?

Although the technical perspective shows some mix of the bearish and oversold signals, Story (IP) has been moving downward and has not maintained key support areas. The four hour-chart on TradingView shows that price tries to recover after a long downward performance. 

Resistance builds close to $4.50, while immediate support holds around $4.10. A break below this support could lead the price to $3.80, while above this price, a breach of resistance may open up above $4.70. 

The Relative Strength Index (RSI) is currently languishing in the extreme oversold region at 30.97, and its moving average is at 28.04, indicating that selling pressure has had the advantage but there is a possibility of turning soon. 

The Chaikin Money Flow (CMF) now read -0.10, which shows the continued outflow from the asset. A rather weak buying momentum clearly shows that investors are in caution mode, especially after recent volume raises. 

Moving averages confirm a general downtrend. Short-term moving average is lower than long-term trend line and indicates inverse momentum of the market. The up-crossing scenario unattainable indicates more risks to movement on downside. 

If pressure from buyers rises, then Story (IP) should be able to claw back its lost ground. On the other hand, continued movement of the price on the bearish could see it dip before any significant recovery is made.

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