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Story Protocol Crashes 13% as Death Cross Signals Extended Bearish Run
- Story Protocol (IP) experienced a 13% intraday drop to $3.047 due to extreme bearish momentum with technical indicators flashing warning signals.
- A death cross formation was confirmed as the 50-day and 20-day EMAs breached, indicating long-term downward pressure since reaching highs near $5.000 in May.
- The breach of the 50-day and 20-day EMAs confirms a long-term bearish bias in IP's trading, signaling potential further downside from its current $3.07 price.
- The MACD indicator shows weakening momentum with signals crossing bearishly and the RSI at 18.62, indicating an oversold condition and potential weakness in bullish momentum.
- Institutional and retail players seem to be de-risking their positions in Story Protocol as selling volume increases, pushing the price to critical support levels around $3.000.
- To initiate a significant recovery, Story Protocol needs to surpass the $3.648 mark and maintain sustained buying pressure above the 50-day EMA to shift the technical outlook to neutral.
- The news also mentions Washington State's first crypto ATM ban going into effect in Spokane.
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