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Celestia Price Drops To November Values But Quickly Spikes 21% — Reversal In Sight?

Last Updated June 25, 2024 3:58 PM
Nikola Lazic
Last Updated June 25, 2024 3:58 PM

Key Takeaways

  • TIA broke descending resistance, signaling a potential new uptrend.
  • Found support at $5.74, bouncing 21% to $7.
  • RSI and MACD indicators suggest a bullish outlook.

TIA Price Analysis 

TIA reached its all-time high on February 10 but then experienced a significant downturn, dropping 65% by April 13. Since then, TIA has recovered and broken out from its descending resistance, indicating the potential for a major new uptrend. On May 15, it retested the $8 area, establishing horizontal support before this breakout.

TIAUSD | Credit: Nikola Lazic/Tradingview

However, after making a slightly lower high of $11.70 on May 2, it encountered resistance and was sent to a downward trajectory. On June 24, it fell to $5.74, values last seen in November. It found support at the 0.786 Fibonacci level and bounced by 21%, reaching a daily high of $7. 

Since it is still on an upward trajectory and technical indicators show bullishness, we could see a further rise. Yesterday, the daily chart RSI fell to its oversold zone at 28%, and MACD is starting to form a bullish curvature on its moving averages. This suggests that TIA could have established its price at the bottom, although further confirmation is needed. 

TIA Price Prediction 

There is a strong possibility TIA ended its major correction from the all-time high, coming to the 0.786 Fibonacci level. If this is true, its current rise would only be the first sub-wave of its next five-wave impulse. 

TIAUSD | Credit: Nikola Lazic/Tradingview

According to this projection, TIA could continue increasing and recover to its next significant resistance zone around $12 by the end of this assumed five-wave impulse. Should this develop as expected, on its downturn, TIA will maintain trading above $8.50, proving that the support plateau increased. 

That would be its first higher-degree correction and the first higher low since February, signaling that TIA could be starting a sustainable uptrend. If we receive this confirmation, we expect a breakout above $12 and a $16 target for its next major advancement to the upside. 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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