The price of the digital currency Story (IP) has surged over 12% in the past 24 hours. This price increase follows the excitement surrounding the launch of the project’s main network. Story, one of the most anticipated projects of the year, was launched after attracting $134 million in capital from companies like Andreessen Horowitz and Polychain Capital. The strong upward trend of Story has pushed its market value beyond $560 million, placing the cryptocurrency at a key technical analysis point. The continuation of this upward trend or a return to a downward path will depend on traders’ reactions to support and resistance levels. Following the official launch of the main Layer 1 network and the price increase of Story, its Average Directional Index (ADX) has also increased. This indicator, measuring the strength of a trend regardless of its direction, has risen from 25 to 43 yesterday. This increase indicates the strength of the uptrend and the dominance of buyers in the market. If this trend continues, the price may further rise. The Bollinger Bands Trend indicator has remained in the positive range for over a day, reaching a ceiling of 14.3 but then decreasing to 10.6. This indicator helps determine the price movement relative to Bollinger Bands and is useful in identifying trend and potential reversal points. If the Bollinger Bands Trend indicator stabilizes at the current level, the uptrend may continue. However, further decline could indicate a weakening trend. Currently, Story’s price fluctuates between support at $1.90 and resistance at $2.12. If the $1.90 support level is broken, the next support is at $1.79. In case of a continued downtrend, the price may drop to $1.58 or even $1.40. On the other hand, if the uptrend continues and the $2.12 resistance is broken, the price may grow to $2.20 or even $2.30. In this scenario, buyers will still control the market.
