- IP has broken out of a symmetrical triangle pattern, signaling a bullish trend with potential resistance at $7.0 and $7.5.
- Technical indicators, including a moving average crossover and MACD strength, support a continued upward move toward the projected $8.7 target.
- If the breakout holds, traders anticipate further gains, while a false breakout could see price retesting the $5.5–$6.0 support zone.
The latest technical analysis of Story IP shows a symmetrical triangle breakout with rising bullish momentum. The coin traded at $6.14 At the time of writing, with a 24-hour volume of $189.25 million, supported by strong moving average crossovers and increased volume, suggesting further upward movement.
Symmetrical Triangle Breakout
The chart shows a symmetrical triangle pattern with converging highs and lows. Price action indicates a breakout on the upper resistance line. A tweet from Alpha Crypto Signal stated, “It has broken its trendline and currently no sign of weakness. More pumps can be expected in the coming days.” The tweet supports a strong technical move.
The breakout resulted in a decisive green candle. Price now projects an upward path along the measured target near $8.7. The symmetrical triangle formation has ended its consolidation phase. Traders note that the breakout confirms the chart pattern’s bullish nature.
Price Action and Technical Indicators
The analysis shows that price action has surpassed the triangle resistance level. The current trend appears robust as price tests new territory. The chart includes a descending trendline drawn from previous highs. The price breaking this line signals a possible trend reversal.
Moving averages add further context to the move. The 9-period moving average crosses above the 21-period moving average. This crossover occurs with clear blue arrow marks on the chart. The MACD line sits above the signal line, suggesting a mild bullish trend. The bullish crossover from both the moving average and MACD supports the idea of the breakout, which will lead to a bullish surge.
Support, Resistance, and Future Outlook
The previous resistance between $6.0 and $6.2 may now serve as support. Analysts consider this a key level for validating the breakout. Potential resistance levels are expected near $7.0 and $7.5. These levels guide traders on the next price targets.
If the price holds above the breakout level, further upward movement toward $8.7 is projected. A false breakout could lead to a retest of levels around $5.5 to $6.0. The ongoing consolidation and volume patterns remain critical for confirming the trend.
