The market has witnessed a staggering surge of almost 50% in the value of Story (IP) in the last 24 hours, cementing its position as the top-performing asset in the market. Breaking all previous records, IP reached a new all-time high of $3.67 during the early trading hours on Thursday.
With a growing appetite from buyers, this altcoin shows promising signs of further upward momentum in the short run.
Story seems to be maintaining its strong uptrend, with indicators signaling a continuation of its growth trajectory.
A detailed analysis of the IP/USD four-hour chart reveals that the Aroon Up Line of the coin is currently at 100%. This implies that the ongoing uptrend is robust, underpinned by substantial demand rather than speculative trading activities.
The Aroon Indicator of an asset gauges the strength and direction of its trend by tracking the time elapsed since it reached the highest and lowest prices within a specified period. This indicator comprises two lines: Aroon Up, which measures bullish momentum, and Aroon Down, which monitors bearish pressure.
In line with IP's performance, a reading of 100 on the Aroon Up Line indicates that the asset has recently hit a new peak, reflecting strong upward momentum and a prevailing bullish trend. This suggests a high level of buying pressure and hints at a possible further rise in the price.
On the contrary, IP's Aroon Down Line currently stands at 0%, indicating that the coin has not recorded a new low in the reviewed period. Such simultaneous conditions support the view that IP is experiencing a potent uptrend with minimal downward pressure.
Additionally, the Moving Average Convergence Divergence (MACD) configuration aligns with this positive outlook for IP. As of the latest data, IP's MACD line (blue) is positioned above its signal line (orange).
The setup of this momentum indicator in this manner is seen as a bullish signal, implying a potential continuation of the price uptrend.
While IP sets its sights on the $4 mark, a word of caution arises from the overbought signal from the Relative Strength Index (RSI). Currently standing at 83.69, the RSI hints at IP being at risk of a price correction due to its overbought status.
The RSI serves as a gauge of an asset's overbought and oversold conditions, with readings above 70 indicating overbought levels that may precede a decline in price. Conversely, values below 30 suggest oversold conditions that could lead to a rebound in the price.
At 83.69, IP's RSI suggests a potential correction in the near future, with a possible price drop to $1.69 if the correction materializes.