🌎 IP Token Rises 9% Amid Binance Listing Speculation

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IP has entered a consolidation phase, recently concluding a three-week downtrend that had been impacting its price.

IP Price Surge and Market Performance

On April 9, during the afternoon Asian trading session, IP experienced a notable 9% rise, reaching an intraday high of $4.27. Its market capitalization stood at approximately $41.1 billion, while daily trading volume climbed to nearly $100 million, slightly higher than the previous day’s figures.

The recent gains are attributed to growing optimism surrounding a potential listing on Binance, as voting for Story’s inclusion under the exchange’s “Vote to List” campaign nears its conclusion. With substantial community support, IP appears to be a strong contender for a listing on Binance, the world’s largest cryptocurrency exchange by trading volume.

Key Developments Supporting IP

In addition to the Binance listing campaign, Aria Protocol, a prominent IP-focused project powered by the Story protocol, has introduced partial royalty rights to Pop artist Madonna’s hit single “I Rise.” This asset has been added to its launch vault, which is dedicated to IP-backed music assets.

Another noteworthy development is the launch of Verio, Story’s IP staking platform, which went live on April 8. The platform enables users to stake IP tokens and earn rewards based on the performance of creative works. Once a project accumulates 100 IP in staking, the creator begins earning from their royalty vault. Early contributors, such as those who tipped or staked, also share in the potential upside.

IP Price Analysis and Technical Indicators

On-chain metrics and technical analysis indicate that the recent gains for IP may continue in the coming days. Open interest in the IP futures market has increased to $62.23 million, reflecting bullish sentiment among traders. Furthermore, the weighted funding rate has remained positive for two consecutive days, underscoring the growing confidence in upward price movement.

On the 4-hour USDT chart, IP has broken out of a multi-week descending channel, signaling a shift toward bullish momentum. Both the MACD and signal lines are trending upward, confirming the reversal. The price is approaching the upper Bollinger Band at $4.35, suggesting continued strength and the potential for a breakout if bullish momentum persists.

Price Targets and Resistance Levels

The next potential target for IP is at $5, which serves as both a psychological resistance level and a key support level. A breakthrough at this level could pave the way for bulls to aim for the $6.4 resistance zone, representing a 51% increase from the current price.

Important Considerations

While the market outlook appears promising, it’s crucial for investors to approach cryptocurrency investments with caution. Market volatility can lead to sudden price changes, and thorough research should always be conducted before making investment decisions.