Celestia (TIA) has fallen 77% since its all-time high in February.
It attempts to break out from a 219-day resistance trend line.
Can TIA finally break out and confirm the end of its correction?
Celestia (TIA) was one of the best performers at the end of 2023 and the start of 2024, increasing 800% on its way to a new all-time high price in February. However, the price has corrected, losing most of its previous gains.
Nevertheless, the price action in August and September shows bullish signs and has created excitement about a potential bullish trend reversal. Will this reversal happen, and how much will Celestia increase if so?
TIA Price Attempts Breakout
Since the all-time high of $21.14 in February, the TIA price has fallen under a descending resistance trend line. The downward movement led to a low of $3.72 in September. Unlike most of the crypto market, which bottomed on Aug. 5, TIA created a lower low on Sept. 6, signifying weakness.
However, the trend has seemingly turned bullish since then, and the price of TIA is attempting to break out of its descending resistance trend line, which has existed for 219 days.
The ongoing bounce was preceded by a bullish divergence in the three-day Relative Strength Index (RSI) and MACD (green), making it more likely to be successful. If so, the next resistance will be at $12.47. The 0.5 Fibonacci retracement resistance level and a horizontal resistance create this target.
Is the Correction Over?
The three-day wave count aligns with the positive readings from the price action and technical indicators. The most likely count indicates that TIA completed a five-wave increase shortly after its launch, resulting in an all-time high price.
Then, it started a lengthy A-B-C correction, possibly ending in September. In the correction, waves A:C had a nearly 1:1 ratio, common in these structures.
A closer look at the decline since June also supports this possibility. During this time, TIA completed a five-wave decline (black) inside a descending wedge. In the context of the count, this is an ending diagonal, marking the completion of the correction.
Once the price of TIA breaks out from its short-term wedge, it will confirm both the breakout from the long-term trend line and the beginning of the new upward movement.
The first target will be $12.46, but the Celestia crypto price may increase to a new all-time high.
2024 End on a Positive Note
Despite Celestia’s significant price decline, the wave count and price action point to a completed correction. A breakout from the short-term wedge will confirm the correction is over and can trigger an increase to at least $12.46.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
