In the past 24 hours, the digital currency Story (IP) has shown the highest growth in the market. Contrary to the overall downward trend, the price of this cryptocurrency has increased by over 7 percent. This growth is due to increased demand and trading volume. The liquidation of short positions has also helped strengthen the bulls in the market. If this trend continues, there is a possibility of further price growth of IP in the coming days. The daily trading volume of IP in the past 24 hours has increased by 70 percent, reaching over $160 million. This growth has occurred while the total market value of cryptocurrencies has decreased by $148 billion. It is noteworthy that the increase in the price of Story, along with the growth in trading volume, indicates real market demand, not speculation. Despite this growth, traders in the future market continue to open short positions for IP. The long/short ratio for this asset is currently 0.97, indicating more short positions than longs. On the other hand, the increase in the price of IP has led to the liquidation of approximately $1 million worth of short positions in the past 24 hours. This forces lenders to cover their positions, which may further increase the price of IP in the short term. Meanwhile, the Elder-Ray indicator also shows the dominance of bulls in the market, with a value of 0.46 recorded. If this trend continues, the price of IP may reach $6. However, if demand decreases, there is a possibility of a price drop to $4.36. You can view the live prices of all tokens and cryptocurrencies on the Instant Price page of digital currencies.
