IP Coin Price Skyrockets 86% in a Week – Will It Hit $9 or Fall Below $6?
Since February 23, the cryptocurrency market has experienced a steep drop of 10.19%. Contrary to this general trend, during the same period, IP has witnessed a sharp rise of 39.66%. Currently, IP is one of the trending tokens in the cryptocurrency market. In the last seven days, the IP market has surged by approximately 86.2%, enabling it to emerge as the top crypto in terms of seven-day growth. Can IP keep up the momentum, or is a drop coming? Let’s break it down.
IP Rises While the Crypto Market Falls
At the start of February 23, the overall market cap of the cryptocurrency sector was around $3.14T. Between February 23 and 26, the market reported a severe drop of 12.42%. Currently, the total market capitalisation of the crypto market stands at $2.81T – at least 2.18% above where the market was at closing time yesterday.
In contrast, between February 24 and 26, the IP market recorded an impressive growth of 77.62%. Data shows that during all these three days, IP remained the top gainer in terms of 24-hour growth. Reports suggest that what is driving the price surge of IP is high demand.
What Technical Analysis Conveys About the IP Surge
The SuperTrend indicator on the four-hour chart of IP shows that a dynamic support level has been formed at $4.9. This indicates that there exists strong bullish pressure in the market.
The current price of IP is $6.2 – which is far above the SuperTrend value of $4.9.When an asset’s price remains above the SuperTrend value, it indicates a bullish trend.
Will IP Hit $9 or Drop Below $6?
In the last 24 hours, the IP price has witnessed a drop of 6.7%. Experts predict that if the $6 support holds, the IP market could reach its all-time high of $9.
Experts warn that if selling pressure gains more momentum, the IP price could drop to $4.9 – the dynamic support level revealed by the SuperTrend indicator.
Experts also state that if the dynamic support level fails to hold, the price could even plummet to $4.38.
