$IP Trade Update: Support Testing or Further Slide?
Current Price: $1.11
Trend: Bearish Short-term (tested $1.21 resistance and rejected)
Analysis:
$IP is currently testing the $1.10 - $1.11 range. While the long-term outlook for Story Protocol remains strong with its focus on tokenized Intellectual Property, the immediate chart shows a "Supertrend" rejection.
Trading Strategy:
Short Setup: If IP breaks below the $1.08 mark with high volume, expect a quick move toward the major $1.00 psychological support.
Long Scalp: Look for a "double bottom" confirmation on the 15m or 1h chart at $1.10 before entry. A successful bounce could target a relief rally back to $1.17.
Decision: WATCH & WAIT. Do not chase the current red candle. Wait for the $1.10 support to hold or flip into resistance before taking a position.
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