Celestia (TIA) Among the Biggest Gainers With 20% Increase
Celestia's price is among the biggest gainers today, with an increase of 20%. This continues an uptrend from its recent low, but the price is getting overextended.
Key Takeaways
- TIA surged 20% after today’s Fed rate cut announcement.
- TIA shows bullish momentum, signaling a potential new uptrend.
- A retracement is likely; the key support level is $4.88 for confirmation.
Following the Fed rate cut, the market has been bullish today, and most cryptos are in the green. Among the biggest gainers is Celestia (TIA), which increased 20% from today’s open. On Sept. 6, the price of TIA fell to its lowest point since November last year, as it had been in a downtrend since February.
Is the current surge hinting at a major bull phase for this cryptocurrency, or is it just a temporary reaction?
Celestia Price Analysis
TIA reached its all-time high on February 10 but experienced a sharp decline, losing 65% of its value by April 13. After this significant drop, TIA began recovering and broke through its descending resistance, signaling the potential start of a new uptrend. By May 15, it had successfully retested the $8 level, establishing horizontal support before the breakout.
Following a slightly lower high of $11.70 on May 2, TIA met resistance and entered a downtrend, eventually dropping to $5.74 by June 24, a level last seen in November. Finding support at the 0.786 Fibonacci level, it rebounded by 21%, reaching a high of $7.
There was a small chance it could start a bull phase from there, but instead, it continued moving lower, coming to its next one of $3.90 on Sept. 6. From its July 21 high, it formed a descending triangle usually seen in the ending structure of the downtrend.
With its latest uptrend leading to a breakout, we could have received a signal of the next decisive bull phase. The daily chart RSI is touching the overbought zone, so at its next move, we could see a retracement, but the depth and the level it finds support next could provide further confirmation on whether or not TIA began its new bull cycle.
TIA Price Prediction
Looking at the hourly chart, we can count a five-wave impulse, with its final wave being the longest. As the price was overextended today, we will likely see a retracement starting shortly.
Projecting its target by assuming today’s high as the final one in this advancement, we come up with a price of $4.88 for its potential stopping point, which is at the 0.618 Fibonacci level. Should the price form a higher low to its Sept. 6 and make a bounce, the next uptrend could lead to values above $8.
Failing to establish the higher low could mean that today’s rise was just a temporary reaction to TIA’s immense seller pressure, considering it only a relief rally.
Celestia Hits a New All-Time High — Where Can TIA End 2023?
