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TIA Price Sees Lowest Daily Close of the Year — An Opportunity or Warning Sign?

Last Updated April 11, 2024 12:50 PM
Valdrin Tahiri
Last Updated April 11, 2024 12:50 PM
Key Takeaways
  • TIA has fallen since reaching an all-time high price of $21.25 on February 10.
  • On April 10, TIA reached the lowest weekly close of the year at $10.80.
  • Is TIA nearing the end of its correction, or will the decrease continue in April?

The TIA price has fallen nearly 50% since reaching its all-time high on February 10. The decrease caused a breakdown from a long-term structure, confirming the upward trend had ended.

After a 61-day corrective period, the TIA price reached its lowest daily close of the year on April 10, losing a critical horizontal support level but nearly reaching a Fibonacci support.

This raises the question of whether the TIA price will continue falling further, or if the bottom is close.

TIA Breaks Down From Long-Term Structure

The TIA  price increased at an accelerate pace inside an ascending parallel channel since November 10, 2023, culminating with a new all-time high of $21.25. Despite the tempo of the increase, TIA did not break out from the channel. Rather, it was rejected by its midline on February 10, 2024 (red icon) and has fallen since.

On February 20, TIA broke down from the channel after trading inside it for 102 days. The decrease culminated with a low of $10.80 on April 10, reaching the lowest daily close of the year. During the decrease, TIA broke down from the $11.80 horizontal support area, which had held since December 2023.

TIA Price Reaches Lowest Daily Close in 2024
TIA/USD Daily Chart | Credit: TradingView

The daily RSI and MACD both give a bearish reading, since they are trending downward. The RSI is below 50 while the MACD is below 0. While the RSI started to generate a bullish divergence (green), it has almost been invalidated. The next closest horizontal support area is at $9.35.

TIA Price Prediction: Where Will the Bottom Be?

The daily time frame wave count shows that TIA completed a five-wave upward movement (white) starting in November and ending with the all-time high in February 2024. If the count is accurate, TIA is now correcting in what is likely a W-X-Y corrective structure.

Giving waves W and Y a 1:0.618 ratio leads to a low of $0.95, coinciding with the main horizontal and Fib support area. So, it is a very likely level for TIA to reach a bottom.

TIA Price Corrective Structure
TIA/USDT Daily Chart | Credit: TradingView

Another interesting confluence is that the correction has had nearly 0.618 times the length of the upward movement. Since the price is also close to a major support area, it is possible that it will reach it around April 14 and complete the corrective structure. The $9.35 area is 16% below the current price.

Conversely, closing above the $11.80 area in the daily time frame will mean the correction has ended. Then, the TIA price can increase by 35% to the next resistance at $15.20.

TIA Correction Can Come to an End Soon

After a long corrective period, it seems likely that TIA is nearing the end of its correction. There is a confluence in both the magnitude of the decrease and length of the correction that predicts the decrease can end next week near the $9.35 horizontal support area. Even if the correction does not come to an end once TIA reaches the area, a significant reaction to it is likely.

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