The price of history shows solid signs of a potential trend reversal after an increase of 11.83%. The key support at $ 3.12 is held, with an RSI occurring and an increase in the volume pointing towards the increase.
After a prolonged correction, Story (IP) finally showed a significant rebound, climbing 11.83% and recovering a level of crucial resistance. The current structure of the market suggests that the substance can be in, in particular with the rise in power of the volume and the RSI territory which leaving the exit. The price action has now exceeded $ 3.12, a region aligned at the control point and the resistance prior to a high period of time. As long as Price holds this level, the door remains open for a continuous rally around $ 4.17, and perhaps more.
Key technical points:
- Key support level: $ 3.12; in confluence with point of control and local escape
- Next resistance target: $ 4.17; followed by $ 4.90 as an extended optimistic target
- Overold RSI: Which now comes out of the extreme levels, signaling the recovery of the momentum
- Volume behavior: A recent increase in the volume to support confirms the presence of buyers and the potential background
From a technical point of view, the lower swing was trained in the low value area of the recent corrective movement. This area has lined up closely with a high delay support at $ 2.61, which was held through several daily candle closures, suggesting an accumulation at the base. The follow -up came with an impulsive candle, pushing the price of more than $ 3.12 and confirming a change in short -term trend.
The region of $ 3.12 is important. Not only does it line up at the control point, but it also went from resistance to potential support. If the price continues to close above this high volume level, it would confirm the force in movement and increase the probability of a continuation of rupture.
The RSI was also deeply occurred throughout the downward trend and now shows signs of recovery. Combined with overvoltage in volume in support, in contrast striking with low -volume milling during the downward trend, these signals that demand has returned.
The next resistance is $ 4.17, a natural target for the current leg. A transition to this level would represent an additional gain of 32% of current prices. If the bullish momentum remains, $ 4.90 becomes the next macro target, with the potential of a full trend rotation.
What to expect in the action of upcoming prices
If IP continues to close above $ 3.12 with a strong volume, a rally to $ 4.17 seems more and more likely. Monitor consolidation or impulsive continuation in this area, the two reveal the next major movement.
