IP Token Enters Top 10 AI Tokens, Faces Potential 15% Decline

IP Token Emerges as a Top 10 AI Token with a Likely 15% Decline on the Horizon

The newest addition to the realm of crypto AI projects, IP Token, is causing quite a stir in the digital currency market due to its remarkable upward trajectory.

Following a significant 32% surge, traders and investors are showing strong confidence in the asset and are actively adding it to their portfolios, according to data from Coinglass, a firm specializing in on-chain analytics.

Current Price Movement of IP Token

In a noteworthy achievement, IP Token has outshined Virtuals Protocol [VIRTUAL] and entered the top ten crypto AI tokens club. As of now, IP Token is trading around $3.42 and has observed an impressive 97% surge in trading volume.

Since its inception, IP Token has been witnessing a persistent outflow from exchanges, indicating a growing interest from investors and long-term holders in acquiring the asset.

Within the last 24 hours, exchanges have reported an outflow of IP Tokens amounting to $2.15 million, pointing towards a potential increase in buying pressure and subsequent upsurge in momentum.

This substantial move has attracted intraday traders into the market, resulting in a 70% surge in IP Token’s Open Interest (OI).

The rise in OI signifies that traders have significantly enlarged their positions on both the bullish and bearish ends of the spectrum.

Significant Liquidation Zones

Insights from Coinglass indicate that traders favoring the bullish side currently hold a dominant position in the asset, with an over-leveraged stance noted at the $3.134 price level, amounting to $3.28 million in long positions.

Conversely, short-sellers seem to be reaching their limits, as they are overextended at the $3.276 level, with short positions totaling $1.54 million.

These on-chain indicators suggest a strong backing from the bulls, potentially aiding the continuation of IP Token’s positive momentum.

Technical Analysis and Critical Levels for IP Token

As per the technical analysis conducted by CryptoCrypto, IP Token displays a bullish outlook with the Average Directional Index (ADX) standing at 59, indicating robust momentum.

The upward movement of the ADX line implies an accelerating momentum for IP Token.

Nevertheless, despite the bullish trend of the ADX, the four-hour chart hints at a possible short-term correction in the asset’s price.

Based on the recent momentum, IP Token could potentially undergo a 15% decline, with a target level of $2.61 expected to be reached in the upcoming days.