The price of the Story Protocol has broken beyond the upper limit of the accumulation range, focusing on potential moves towards the $4.00 target based on a bullish pattern.
The price of Story Protocol (IP) has risen 10% over the past 24 hours, and is currently trading at $3.21, with trading volumes rising nearly 300%. After recently bounced back the lower limit of the accumulation range, the price now tested the upper limit and reached the top of today’s $3.40.
This surge brought prices to the confirmed double bottom patterned neckline, with two bottoms forming around $2.80. This is a strong support zone that has been tested four times. The latest tests have led to a sharp rebound on volume rises, increasing the chances of breakouts.
A confirmed breakout requires four hours or daily close above the neckline around $3.3. If confirmed, the pattern means measured moving targets between $3.8 and $4, based on the depth of the formation.
The ascending trendline, connecting highs since June 18th, strengthens bullish prospects. Additionally, after bounced off the second bottom, it surpassed both the 20 EMA and the 50 SMA, with 20 EMA crossing over the 50 SMA in a bullish crossover.
IP price rebound occurs after major development in the fundamentals. On June 24th, Story Protocol announced that it had partnered with OKX Ventures to launch a $10 million startup fund. The fund aims to support early stage teams creating infrastructure and applications that convert IP into programmable on-chain financial assets. Selected startups will accelerate innovation in IP tokenization, licensing solutions, and AI data market presses, and receive access to Story capital, technical guidance, and OKX resources.
“We see IP as an on-chain financial opportunity and support founders designing infrastructure, apps and markets to support it,” the story team wrote in a blog post.
