The IP of the story is maintaining the highest upward trend in the market for 3 consecutive days, going against the market's downward trend.
Despite the cryptocurrency market losing $109 billion in market capitalization over the past 24 hours, IP has continued its upward trend, recording double-digit gains during that period.
IP Token, Despite Market Downturn
Cryptocurrency trading activity has significantly decreased over the past 24 hours, with $109 billion in capital outflows recorded during that time. At the time of reporting, the global cryptocurrency market capitalization stands at $2.79 trillion, the lowest level last reached in November.
However, the recently launched layer-1 (L1) coin IP has bucked the widespread market decline, recording new gains due to high demand for altcoins among market participants.
According to the BeInCrypto Super Trend indicator assessment, the upward trend of IP has been confirmed. At the time of reporting, the green line of this indicator is forming a dynamic support level at $4.90 below IP's price, emphasizing the upward pressure on the market.
This indicator tracks the direction and strength of an asset's price trend. It is displayed as a line on the price chart, and its color changes to represent the current market trend: green for an uptrend, red for a downtrend.
When an asset's price, like IP, trades above the Super Trend indicator, it indicates an uptrend. This suggests that buying activity among market participants is greater than selling, implying the potential for a sustained rally.
Furthermore, the coin's rising on-balance volume (OBV) supports this bullish outlook. This momentum indicator has been rising along with IP's price over the past few days, reflecting the buying activity in the spot market.
An asset's OBV tracks the cumulative trading volume in relation to price movements, measuring buying and selling pressure. When it rises, it indicates strong buying pressure, suggesting that demand is outpacing supply and the asset's value can continue to increase.
IP Maintains Key Support at $6, Can It Recover to $9?
IP is currently trading at $6.54, just above the support level formed at $6. If the buying pressure strengthens further, IP could reach its all-time high of $9 last reached on February 21.
However, if selling pressure on the coin increases again, this bullish projection could be invalidated. In this case, the coin's price could fall below the $6 support level and head towards the $4.90 dynamic support line.
Nevertheless, if IP's price fails to maintain this level, it could drop to $4.38.
