IP Poised for Bullish Breakout as Bulls Target $9 ATH

• IP has surged nearly 20% in the past 24 hours, pushing the asset to the upper trendline of a descending parallel channel.
• Despite trading at $5.01—down 45% from its all-time high of $9—IP shows signs of renewed buying pressure and bullish momentum.
• Technical indicators such as MACD (with the blue line above the orange signal line) and a positive Elder-Ray Index (0.40) support a potential rally.

IP has experienced a strong 20% surge over the past 24 hours, making it the market’s top-performing asset as it reaches the upper boundary of its descending parallel channel. This channel has kept IP in a downtrend since it hit an all-time high of $9 on February 21, but a rising demand signal indicates that the asset could be poised for a bullish breakout.

IP Eyes Bullish Breakout

After peaking at $9 four days ago, IP’s value dropped significantly to its current trading price of $5.01—a decline of 45%—and has been trading within a descending parallel channel. This chart pattern, characterized by lower highs and lower lows, has reflected sustained bearish pressure.

However, recent increased buying demand suggests that IP may be ready to break above the channel’s upper trendline, marking a potential turnaround where buyers begin to outweigh sellers.

Supporting this bullish scenario, technical indicators provide positive signals. The Moving Average Convergence Divergence (MACD) is showing the blue line above its orange signal line, a configuration that typically indicates strong upward momentum. In addition, the Elder-Ray Index, which measures the balance between buying and selling power, is at a positive 0.40.

This suggests that bulls have regained control, with IP trading above its exponential moving average (EMA) and exhibiting robust buying pressure.

A successful breach of the channel’s upper trendline could see IP’s price rally past the $6 resistance level and climb toward its all-time high of $9. Such a breakout would confirm the strength of the current rally and could set the stage for a sustained upward move.

Conversely, if selling pressure resumes, IP risks reversing its gains, potentially falling to around $4.36. Should the bulls fail to defend this support, the price could further decline toward the lower boundary of the descending parallel channel.