IP (Story) tumbles 12% amid geopolitical sell-off, eyes $0.80 support
IP (Story) fell more than 12% after a broader crypto market decline triggered by Israel’s strike on Iran. Daily trading volume for IP dropped about 16% to $43 million amid a two‑month price slump that has erased over 90% from its all-time valuation. Technically, IP has traded inside a descending channel through February and is approaching the channel’s lower boundary near $0.80. Momentum indicators show growing seller pressure (MACD below neutral) while the RSI is deeply oversold (~17), implying potential short‑term bear exhaustion if buying returns. On-chain metrics are weak: active accounts fell from 1,033 to 208 since early February, gas spent dropped from ~43 IP to ~1.73 IP, cumulative transactions hit 95.1 million, and new transactions suggest increased selling/short activity. The article concludes that IP is likely to test $0.80, and the price reaction at that level—especially if accompanied by renewed volume—will determine the next directional move.
Bearish
The combination of a 12% recent drop, sharply reduced trading volume, deteriorating on-chain activity (active accounts and gas spent falling), and technicals pointing downward (descending channel with MACD below neutral) supports a bearish outlook. The RSI is oversold, which can prompt short-term relief rallies, but absent a clear increase in buying volume or on-chain engagement, these are likely to be temporary. Historical parallels: altcoins that lose >80–90% of value and show declining user activity often consolidate lower or continue down until a fundamental catalyst (product updates, renewed adoption, or broader market recovery) restores interest. Near-term, traders should expect increased volatility around $0.80 — a failed bounce could lead to further downside, while a high-volume reversal at that support could attract short-covering and a corrective rally. Risk management: set tight stops, monitor volume and on-chain metrics, and avoid entering long positions solely on oversold indicators without confirming buy-side volume.