- IP/USDT nears a breakout, forming a symmetrical triangle with support at 5.2 USDT and resistance at 5.8 USDT.
- A bullish flag pattern signals momentum, with breakouts reinforcing potential movement toward 9.000 USDT.
- Market volume remains low as traders await confirmation, with 7.075 USDT as an intermediate resistance level.
The IP/USDT perpetual contract on Binance forms a symmetrical triangle pattern, indicating a period of consolidation. Price movements tighten as the asset approaches the triangle’s apex. The price currently trades near 5.37806 USDT, fluctuating within the established support at 5.2 USDT and resistance at 5.8 USDT.
A sharp decline earlier resulted in a 44.90% drop, followed by a strong recovery. This created a V-shaped structure before the consolidation phase began. The symmetrical triangle suggests a potential breakout, with a projected 44% move upon confirmation.
Symmetrical Triangle Signals Breakout Potential
The price trends within converging support and resistance lines form a narrowing range. Compression is shown by the downward-sloping resistance and upward-sloping support. Volatility has dropped as the price approaches the top, indicating an impending breakout. Lower highs and higher lows support the consolidation phase. A move over resistance could set off bullish momentum, but a drop below support could invalidate the pattern.
Furthermore, the comparatively low market volume indicates that traders are awaiting confirmation. A breakout above 5.8 USDT could initiate an upward move, while failure to hold support may lead to downside pressure. The overall trend remains uncertain until a clear breakout occurs.
Bullish Flag Formation Reinforces Momentum
On the MEXC exchange, IP/USDT displays a bullish flag pattern. The price surged initially, then entered a downward consolidation phase. This movement resulted in two breakouts. The first breakout occurred near the lower boundary, leading to a strong rally before facing resistance. The second breakout took place in mid-March, as the price exceeded the downward trendline.
Support remains strong at 4.564 USDT, acting as a key level for buyers. The price currently stabilizes near 5.665 USDT, maintaining bullish momentum. If the trend continues, the projected movement could push IP/USDT toward 9.000 USDT, with an intermediate resistance level of around 7.075 USDT.
