Celestia price tops out with a possible 10% correction for TIA before another buying opportunity
|- Celestia price has benefitted from active buyer accumulation whenever corrections happened with an ascending parallel channel in play.
- TIA could drop 10% to the Saturday open at $16.38 before bulls have another opportunity I buy the dip.
- Invalidation of the bullish thesis will occur upon a daily candlestick close above $18.79, marking a higher high.
Celestia (TIA) price action since late October has been characterized by strong interest among the bulls to capitalize on every correction. Resultantly, each dip was countered by aggressive buying that saw TIA market value quickly pullback north. With TIA now overbought, the altcoin may be due for a correction before another foray north.
Also Read: Celestia price at pivotal point, TIA could rally nearly 40% if these conditions are met
Celestia price eyes a 10% pullback
Celestia (TIA) price uptrend may not be over just yet as the bulls show dominance in the TIA market. The price continues to obey the statutes of the prevailing technical formation, an ascending parallel channel, which has consistently guided the bulls on where to buy after a series of corrections. With the bulls tightening their grip on TIA, the altcoin broke out above the channel with the potential for more gains, but only if the bulls refresh.
With the Relative Strength Index (RSI) showing that TIA is overbought at 81, buyer exhaustion could see the bulls loosen their grip, allowing for a quick correction before yet another attempt north.
If profit booking ensues, Celestia price could descend, potentially going 5% south to retest the $17.40 support, a critical congestion level that rejected TIA price multiple times before. In the dire case, the price could extend the fall 10% below current levels to the Saturday open at $16.38.
The $16.38 level is likely to present another buying opportunity for the bulls to make another bold attempt north.
TIA/USDT 1-day chart
Conversely, with the presence of the bulls still strong in the TIA market, evidenced by the green histogram bars of the Awesome Oscillator (AO) in the positive territory, increased buying pressure could see TIA price extend the climb.
The likely play in such a directional bias would be to clear the range high of $18.79 before recording a higher high above it. Such a move would not only invalidate the bearish thesis but would also set the pace for an extended move north, potentially reaching the $20.00 psychological level. This would denote a 10% move above the current level.
The Moving Average Convergence Divergence (MACD) indicator accentuates the bullish supposition as it continues to move above the signal line (Orange band) after crossing above it on January 9. Its histogram bars are also flashing bullish to show that the upside potential remains very much alive.
(This story was corrected on January 14 to say that Celestia price opened on Saturday at $16.38, not at $17.28)
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