Celestia (TIA) Price Gears Up For Potential Breakout: $10 Milestone Next?
After experiencing a steady decline over the course of a month, the Celestia (TIA) token has found support around the $4 mark and has recently shown signs of a recovery. Despite the overall volatility in the market, the TIA token has managed to sustain its price above the 20-day EMA mark, indicating the potential for a breakout.
Notably, the TIA token has displayed a double bottom pattern and is now looking to break out from its current trading channel above the $6 mark. While other major altcoins have also shown significant gains over the past week, Celestia has made a notable comeback.
This positive response to the chart’s overall performance has been further supported by the confirmation of a strong support level around $4 and a retest of the neckline. Additionally, the increased accumulation of the TIA token and its rebound from the channel lows have set the stage for a breakout. Investors are also keeping an eye on Celestia’s upcoming major upgrade known as ‘Lemongrass,’ which is expected to enhance the platform’s functionality and performance.
Analyzing the one-day chart for Celestia (TIA), it is evident that the token price has been on a significant downtrend, representing a correction over the past few weeks. However, a falling wedge pattern has formed, signaling a potential pullback and the end of the correction wave. If the token price manages to break above the overhead trendline of $6.20, it is likely to revisit the 200-day EMA mark in the short term.
Currently, Celestia (TIA) is trading at $5.60 with a 2.30% intraday increase and a trading volume of $98.85M. It has witnessed a jump of over 46% in the past week, securing the 56th position with a market cap of $790.43M. World Of Charts (@WorldOfCharts1) tweeted that the TIA price has reached the edge of the resistance zone and is now attempting to surpass the crucial $6 mark. If successful, a major upward movement can be expected.
Technical indicators such as the Moving Average Convergence Divergence (MACD) show a rise in the green histogram, indicating continuous buying pressure throughout the week. The RSI line has reached the 55 mark, further emphasizing the bullish sentiment. The average trendline of the RSI also suggests a potential bullish reversal in the near future.
In terms of funding rate, it is observed that the rate across exchanges has remained negative, below the zero line. This signifies a bearish bias and negative sentiment among investors. However, futures Open Interest (OI) has seen a slight increase of over 1.50%, indicating a mild long addition in the past 24 hours. Despite this, OI remains near its weekly lows.
If the market continues to trade with a positive sentiment, it is possible that the TIA price will attempt to break its upper resistance at $6 and potentially reach the $7.40 mark next week. On the other hand, if there is a price rejection, the token might experience a momentum loss and retest the lower neckline at $4.30.