Story (IP) Hits All-Time High | Credit: Veronica Cestari
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Key Takeaways
Story (IP) reached a new all-time high price today.
The price trades inside an ascending parallel channel.
How much longer can IP sustain its upward movement?
Story (IP) took the spotlight by hitting a new all-time high on Sept. 9, contrary to a stumbling crypto market.
After bottoming near record lows in June, the token rallied with an explosive 367% climb.
The main question is whether IP can sustain its bullish momentum or if a sharp pullback looms.
Story All-Time High
The Story price pumped immediately after launch, but fell considerably since the start of February.
Story’s decline culminated with a low of $2.44 on June 19, which was very close to a new all-time low price.
What followed afterward is nothing short of extraordinary. The price rallied by 367%, hitting a new all-time high of $11.81 on Sept. 9.
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While that possibility remains, momentum indicators do not show any bearish signs, discounting an almost negligible bearish divergence in the RSI (orange).
The Moving Average Convergence/Divergence (MACD) is moving upwards with strength, showing zero loss of momentum.
Therefore, despite the ascending parallel channel pattern, the IP price has not shown any bearish trend reversal signs yet and could continue increasing to new highs.
What’s Next for IP?
The wave count for IP is a little worrying because of the proportions of the two upward movements.
Story’s original price increase is the exact same length as the one that started in June.
Whenever that happens, it is often a sign that the price has completed an A-B-C structure (red).
If that is the case, the Story price has finished wave C, as illustrated by the completed sub-wave count (green).
While a fifth wave extension could take the IP price to $15.47, the channel’s presence makes the local top more likely to be in.
If that is the case, the price of IP could fall toward the channel’s midline at $8. Once it reaches that point, the reaction can help determine the future trend’s direction.
Critical Resistance Ahead
While indicators suggest that IP still has room to climb, the symmetry in its wave count and the presence of the ascending channel hint at caution.
A rejection from current levels could send the token back toward $8 before deciding its next big move.
Whether IP breaks through resistance or cools off, its next steps will likely set the tone for the rest of the year.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
