- 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)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.