Date: Mon, March 10, 2025 | 06:15 AM GMT
In the cryptocurrency market over the past 24 hours, the sharp downtrend that began after the November rally has intensified, with Ethereum (ETH) dropping sharply to the $2,000 level, falling from its December 6 high of $4,000.
This extended correction is putting significant bearish pressure on altcoins , but Story (IP) has managed to defy the bearish trend with an impressive 5% gain in the last 24 hours. Over the past 30 days, IP has surged near to 80%, positioning itself as one of the best-performing altcoins in this turbulent market.
Source: Coinmarketcap
These gains have now brought IP closer to a key resistance level, sparking speculation about a potential breakout.
Trading at Key Resistance
IP’s price action has been shaped by a symmetrical triangle pattern, clearly visible on the 4-hour chart. In late February, IP faced a rejection at the $7.95 resistance level, which marked the upper boundary of the triangle. This rejection caused a pullback to the lower support at $4.56, but despite the setback, IP showed resilience by bouncing back strongly.
Currently, IP is trading at $5.10, once again testing the triangle’s upper resistance. A successful breakout above this level, confirmed with a retest, could send the price toward the next resistance levels at $5.48 and $6.96, which represents a 33% upside potential from the current price.
The MACD indicator is showing early signs of bullish momentum. The histogram has flipped into positive territory, and a bullish crossover could further confirm the potential for an upward breakout. If IP gains enough buying pressure, a breakout above the symmetrical triangle could fuel a strong rally.
However, if IP fails to breach the resistance, it may lead to another pullback. In this scenario, the price could revisit the support trendline before making another attempt to break out.
Final Thoughts
Story (IP) is at a critical juncture. If bulls manage to push the price above the symmetrical triangle’s resistance and confirm the breakout with a retest, it could set the stage for a strong rally. The next target would be the $5.48 resistance zone, a level that previously acted as a significant hurdle. A successful breakout beyond this point could see IP challenge $6.96 in the coming weeks.
However, traders should remain cautious as broader market conditions have shifted to a bearish mode. A failure to break out could see IP facing renewed downside pressure, with potential retests of lower support levels.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
