Story (IP) To Rise Further? Key Harmonic Pattern Signals Potential Upside Move

Date: Tue, May 13, 2025 | 06:45 AM GMTThe 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 Internet Computer (ICP), 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: CoinmarketcapHarmonic Pattern Hints at Bullish ContinuationOn 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.