Will Celestia price’s bounce trigger a 50% rally for TIA bulls?
|- Celestia price has been in an overall bearish trend, trading within a descending channel pattern.
- With TIA bouncing off strong support at $8.40, buyer momentum could see the altcoin rise 50% past $14.70 blockade.
- A break and close below $7.56 would produce a lower low, negative the bullish thesis.
Celestia (TIA) price, like the broader cryptocurrency market, is trading with a bearish bias. However, for TIA, the altcoin has missed out on the recent rally that saw the Bitcoin (BTC) price ascend past the $70,000 psychological level. The dip in the TIA price could be an opportunity in disguise depending on how the bulls play their hand.
Also Read: Celestia price could dip before TIA rallies 40%
Celestia price could rally 50%
Celestia price has been in an overall bearish trend, trading within a descending channel pattern since early February. The price action has been broadly characterized by lower highs and lower lows.
After a successful bounce above the $8.40 support, the Celestia price could be poised for a rally. If this support holds, TIA price could shatter resistance due to the midline of the channel, potentially extending to the $14.70 roadblock. This would constitute a 50% climb above current levels.
Long positions are encouraged once the Celestia price successfully breaks and closes above the midline of the descending parallel channel. A breakout above the $14.70 resistance is needed for the bulls to take over.
If Celestia price successfully breaks out above $14.70, this could lead to a move towards the $20.80 resistance level.
The Relative Strength Index (RSI) is close to slipping below 30, suggesting that TIA could soon be oversold, precipitating a pullback. Hence, TIA is at a good point to register a bold move north. All it needs is the go sign from Bitcoin price or renewed enthusiasm in the market.
TIA/USDT 1-day chart
On the other hand, if profit booking continues, the Celestia price could drop to the $8.40 support. A slip below this level would send TIA price to the support zone right underneath. If the bears haul the Celestia price to break below $7.56, it would produce a lower low. This would invalidate the bullish thesis.
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