The Layer-1 blockchain Story Protocol (IP) is one of the absolute outperformers among the largest cryptocurrencies in the trading month of September. In the last seven trading days alone, the IP price climbed by 42 percent.
At the beginning of the week, the AI project, which aims to transform intellectual property (IP) into a programmable asset class, reached a new all-time high of $15.04.
Story Protocol uses blockchain technology to enable the tokenization of copyrighted content into digital assets.
If the IP price can continue its bullish trend in the coming days and reach a new all-time high, the next price target of $19.58 will come into investor focus. If this target is also exceeded in the medium term, a breakthrough to $22.08 is conceivable.
If the crypto market also proves bullish in the traditionally strong final trading quarter, a rise to the maximum price target of $26.13 is not out of the question.
If Story Protocol slips below the $13.04 mark by the daily closing price as a correction in the crypto sector extends, a retest of the support area around the interim high of $11.87 from September 9th should be expected. The bulls are likely to attempt to turn the price north again from there.
If this support level is abandoned, however, an extension of the correction towards $10.77 is likely. This price level has served as an important technical level in recent weeks.
A breach of this support level would bring the previous week’s low of $8.99 into focus. Given the relative price strength, significant resistance from the buyers’ camp can be expected.
If, contrary to expectations, the crypto market turns bearish in the coming weeks and Story Protocol is dragged south, the $8.01 zone would come into investor focus. This area failed to be overcome several times at the beginning of the month, making it an interesting chart level.
If the IP price fails to stabilize here, it could fall back to the zone around the monthly low between $7.49 and $7.24. From a technical perspective, this area serves as the maximum bearish price target.