The post Story IP Price Targets $13.33 After Surging Past Key Resistance appeared first on Coinpedia Fintech News
AI companies need legitimate training data, creators need fair compensation, and both need a trustless way to transact. Story IP steps into this gap by offering a blockchain-based system that bridges creators with AI developers. This use case, combined with recent market catalysts, has put the token back in focus for traders. Amidst all this, the Story IP price has surged enough to make it to the top gainers list.
Why is IP’s Price Up Today?
One major factor driving the IP’s steamy run is Heritage Distilling’s $360M IP token reserve deal. This includes an $82M buyback program running until mid-November. With only 312M IP tokens in circulation, buybacks reduce supply, thereby amplifying the uptrend. It is worth noting that this aligns with IP’s impressive 295% 90-day rally.
Another catalyst is the launch of Grayscale’s Story Trust on July 31. This gives institutions regulated exposure to IP, mirroring Grayscale’s earlier Bitcoin strategy. While this boosted credibility, the August 16 exit of founder Jason Zhao sparked “soft rug pull” fears, briefly sending IP down 15%.
Story IP Price Analysis
Story IP is currently priced across exchanges at $10.06, with a daily premium of 5.8%, and a market cap of $3.13 billion. Trading volume in the past 24 hours hit $108.88 million, reflecting steady inflows. The price bounced from a low of $9.28 to a high of $10.22, nearing its all-time high of $11.75.
From a technical standpoint, IP surged above its 7-day SMA at $9.84 and cleared the Fibonacci 23.6% resistance at $10.27. The MACD histogram signals growing bullish momentum. This breakout above $10.20, a level tested multiple times since early September, triggered both algorithmic and retail buying.
The immediate target for traders is the August swing high at $11.75. To maintain momentum, IP needs sustained closes above $10.27. A surge from there could open the doors to $13.333. Failure to do so risks a pullback toward the $9.80 support zone.
FAQs
The next major resistance is $11.75, the swing high from August.
Failure to hold above $10.27 may lead to a dip toward $9.80 support.
Its real-world utility in AI training data, coupled with token buybacks and Grayscale’s trust, makes it appealing.