Story (IP) hits the $10 mark after a 30% breakout: Will the bulls continue to dominate?

Story Protocol (IP) – a platform with the ambition to directly empower intellectual property ownership for creators – has become the focal point of the market, increasing by over 30% in just one week, with a remarkable surge of 20% in the last 24 hours.

From a price of about 3 USD in July, IP has now surpassed the 10 USD mark, corresponding to an increase of over 270%. In addition to the general market recovery in Q3, the explosion of IP was also driven by the 82 million USD buyback program along with the cryptocurrency reserve fund announced at the end of August.

Notably, the recent surge coincides with a leap in revenue – from 24 USD to 734 USD, which is a 30-fold increase. The question arises: Does the IP have enough strength to hold above the 10 USD threshold, or is this just a warm-up for a new race?

The tug-of-war at the threshold of 10 USD

At the time of writing, the bullish momentum is temporarily halted around the $12 mark, while the price has retreated to hover around $10 – an important psychological threshold that coincides with the Fibonacci extension level.

Daily IP/USDT Chart | Source: TradingViewOn the daily timeframe, the RSI indicator has reached the overbought zone, indicating that the market may enter a "cooling off" phase with a short-term correction.

Nevertheless, the bullish trend still prevails. A correction to the 9 USD range could even open up attractive opportunities for investors who have not yet participated, with the expectation that the price will recover to 10 USD or advance further to the important resistance at 15 USD.

Conversely, if the price drops below 9 USD and breaks through the 20-day EMA, the short-term bullish outlook will face significant pressure.

The development of the Story Protocol network doubles

Alongside the price increase, the level of interaction on the IP network also recorded a significant jump in September, as the trading volume on decentralized exchanges (DEX), according to data from DeFiLlama, doubled from 3.5 million USD to 7 million USD. This trend has become one of the key drivers behind the strong recovery of IP in recent days.

Source: DeFiLlamaNevertheless, the market still has "hot spots" for liquidity at the 7.5 USD and 10 USD levels – price points that could play a crucial role if the IP falls below the 9 USD threshold.

Source: CoinGlassOn the contrary, if the buying force is strong enough to maintain the position above 10 USD, the bulls are likely to seize the opportunity to open a new breakout towards the 15 USD mark, especially in the context of market sentiment remaining optimistic ahead of the announcement of inflation data and the Fed's decision to cut interest rates.

SN_Nour