Date: Tue, May 13, 2025 | 06:45 AM GMT
The cryptocurrency market continues to ride a wave of optimism, with Ethereum (ETH) leading the charge. ETH has rallied over 51% in the past month, recently crossing the $2,450 mark — a level not seen in months. This resurgence is also helping to lift sentiment across major altcoins , including Story (IP), which was lagging behind. Now, it looks ready to catch up.
While IP has posted a 9% gain this month, a key harmonic pattern forming on the chart suggests that more upside may be on the way.
Source: Coinmarketcap
Harmonic Pattern Hints at Bullish Continuation
On the daily chart, IP is displaying a Bearish Bat harmonic pattern — a technical setup known for its reliability in forecasting strong upward price movement until the pattern completes. This pattern is currently in the CD leg, which is typically bullish until point D is reached.
The move began with a sharp rejection near $6.60 on March 25, which marked the start of the XA leg. Price then dropped significantly to a low of $2.98 on April 14, forming point A. From there, it recovered to $3.87, retracing 34.8% of the XA leg, which is within the ideal range for this pattern. The price then pulled back again to around $3.43, marking point C with a 64.6% retracement of the AB leg.
Story (IP) Daily Chart/Coinsprobe (Source: Tradingview)
Currently, IP is moving higher in the CD leg. The projected completion zone for point D is near $6.18, aligning with the 0.886 Fibonacci retracement of the XA leg. This level is significant, as it often acts like a price magnet during bullish moves, while also serving as a potential reversal zone once reached.
What’s Next for IP?
With IP now trading around $4.65, there is a potential 33% upside if the price reaches the $6.18 target. Should bullish momentum remain strong, the token may even attempt to retest the March high of $6.60.
On the downside, immediate support is seen near $4.34, which represents the 0.382 Fibonacci level and has recently acted as a strong price floor. This level will be crucial in maintaining bullish sentiment as IP continues its move higher.
Traders should closely monitor the $6.16 to $6.60 region. This is not only the projected completion zone for the harmonic pattern but also a logical area where some traders may begin to take profits. A pullback is possible if the broader market cools down, so risk management remains essential.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
