IP Price Jumps 86% in a Week as Crypto Market Drops – Key Levels to Watch

Since February 23, the cryptocurrency market has dropped by 10.19%, marking a significant downturn. However, IP has defied the trend, rising by 39.66% over the same period. Currently, it is one of the top-performing tokens in the market. In the last seven days, IP has surged by 86.2%, making it the biggest gainer of the week. But can this rally continue, or is a correction on the way?

Let’s take a closer look.

Crypto Market Dips, But IP Rallies

On February 23, the total cryptocurrency market cap was around $3.14 trillion. By February 26, it had fallen sharply by 12.42%. As of now, the market cap stands at $2.81 trillion, recovering slightly by 2.18% from yesterday’s close.

Meanwhile, between February 24 and 26, IP recorded a massive 77.62% gain. For three consecutive days, it was the top gainer in terms of daily growth. Reports suggest that strong demand is fueling this price surge.

IP Technical Analysis

Technical analysis on IP’s four-hour chart shows that a key support level has formed at $4.90, according to the SuperTrend indicator. This suggests strong bullish momentum in the market.

Currently, IP is trading at $6.20, well above the SuperTrend support level. When an asset stays above this level, it usually signals an ongoing uptrend.

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Will IP Hit New Highs or Face a Drop?

In the past 24 hours, IP’s price has dipped by 6.7%. Analysts believe that if the $6 support level holds, the token could climb back to its all-time high of $9.

However, if selling pressure increases, IP could drop to its $4.90 support level. A further breakdown might push the price down to $4.38.

With IP showing strong momentum despite the broader market decline, all eyes are on whether it can maintain its uptrend or face a pullback in the coming days.

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