With a strong breakout reclaiming the $5 mark, can Celestia’s TIA hit the $10 psychological target?
Under the influence of a long-coming resistance trendline, the Celestia price trend shows a lower high trend formation. Further, the 50-day EMA acts as a dynamic resistance, keeping the bullish growth under check.
A recent breakout of the trendline signals a trend reversal for Celestia, putting bullish targets on the cards. Will the TIA price hit the $10 psychological mark as the underlying momentum resurfaces?
Celestia Breakout Run
In the daily chart, the TIA price registers a drop from the 52-week high of $21.14 to $3.72 low on September 6. The downfall accounts for an 82% decline, putting the buyers under pressure.
Celestia’s recent performance shows a notable shift in momentum, marked by a rounding bottom reversal starting from $4 that has broken through the overhead trendline. This breakout has resulted in a 30% increase over the past ten days, allowing the price to reclaim the $5 level.
With rising demand and the rounding bottom reversal, Celestia has emerged as one of the top performers this week. The reversal pattern’s neckline aligns with the previous peak at $6.
However, despite the breakout, the bullish trend has struggled to surpass the 50-day EMA and has faced resistance. This is evident from the intraday price action, where a bullish engulfing candle formed a 10% gain from the opening price of $4.54, indicating higher price rejection.
Will Celestia Hit $10?
With the bullish trend gaining momentum, the TIA price appears poised to surpass the $5 mark. A breakout above the 50-day EMA would signal a buying opportunity for price action traders, although overhead resistances may constrain further momentum.
According to Fibonacci levels, the next resistance points are at the 23.60% level ($7.74) and the 38.20% level ($10.11). Additionally, the RSI’s bullish turnaround, approaching the overbought boundary, supports the potential for continued upward movement.
On the downside, the $4 psychological support level is expected to stabilize the price trend and mitigate downside risks.
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Source: https://thecryptobasic.com/2024/09/17/celestia-tia-eyes-10-target-after-breaking-6-month-trendline/?utm_source=rss&utm_medium=rss&utm_campaign=celestia-tia-eyes-10-target-after-breaking-6-month-trendline