The recent surge in IP's price is significant, driven mainly by the hard fork on the 14th. I had repeatedly warned about this timing. To be honest, this token is mainly popular in Korea, with the Korean community pushing the market, even though the project itself is American.

The problem is—after two consecutive days of sharp decline, there’s basically no more noise. The bears are now cheering and celebrating, while the bulls remain mostly silent.

From a technical perspective, the situation is indeed not very optimistic. On the 4-hour K-line, the price has already broken below a key support level. The MACD is below the zero line, indicating that bearish momentum is still strengthening, which is not a good sign. The RSI has fallen back from the overbought zone, and the MFI has also turned downward. Both indicators turning simultaneously suggest that capital is rapidly exiting. Especially notable is the clear divergence between volume and price—while the price continues to fall, trading volume has not been increasing; instead, it shows signs of shrinking, which often indicates that the downward momentum is insufficient to sustain.

The resistance levels above are densely stacked, making a short-term breakout unlikely. On-chain data also shows no bright spots; activity is insufficient, which makes it harder to support the future market. Capital flow is clearly outflowing, and with no new catalysts in the fundamentals, the probability of bears dominating is quite high. If no obvious reversal signals appear next, the likelihood of continuing to test lower lows is greater.