IP has experienced a remarkable surge of almost 25% in the last 24 hours, solidifying its position as the top-performing asset in the market. This impressive rally has propelled IP to the upper boundary of the descending parallel channel.

The altcoin has been in a downtrend ever since it reached its all-time high of $9 on February 21, with the trendline acting as a significant barrier. A successful breach of this level could lead to even more substantial gains.

IP is on the verge of a bullish breakout as its value has decreased from the $9 peak to $5.01, marking a decline of 45% over four days. Despite trading within a descending parallel channel, signs of increasing demand for IP suggest a potential breakout above the upper trendline. This shift indicates a shift in momentum towards buying pressure, hinting at a sustained upward movement for the altcoin.

The MACD setup further supports the bullish outlook for IP, with the MACD line positioned above the signal line. This configuration signals strong bullish pressure in the market, potentially driving the asset's price higher.

The Elder-Ray Index reflects the resurgence of IP bulls, with a value of 0.40 indicating their dominance and strong buying pressure evident in the market.

If IP manages to breach the upper trendline, it could target a price above $6 and aim for its ATH of $9. However, a reversal in selling activity may pose a risk to the recent gains, potentially leading to a dip towards $4.36. The bulls will need to hold the support level to prevent a further decline towards the lower boundary of the descending parallel channel.