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

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.

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. 

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. 

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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