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- TIA price has declined by 64% since February, which indicates the sellers’ dominance.
- Celestia token’s price has reached the crucial level of breakout.
- The trading volume has increased by 176% compared to the previous day.
Based on the chart structure, the TIA price witnessed intense selling pressure. The price has lost more than 60% since February and has declined by facing resistance from the trendline.
The buyers made 4 attempts to overcome the trendline, but sellers were strong enough to drag the price down. When writing, the crypto asset price extended to the trendline, waiting for a breakout or reversal.
On the flip side, the Celestia price has been defending the $6 mark for a month. It triggered a breakdown in the short term, but it was unable to continue. Buyers have lifted the price over the $6 mark and surged by 21% in 3 days.
Celestia crypto traded at $7.38 at press time, with a surge of 1.34% in the past 24 hours. The market capitalization was $1.46 Billion, and the 24-hour trading volume was $176.56 Million. The circulating supply was 198,906,541 TIA, and the fully diluted market cap was $7.80 Billion.
Breakout and Retest Done
A source on X displays that the TIA crypto price has triggered a breakout from the symmetrical triangle pattern in a 4-H time frame. After the breakout, the price was retested, and a bullish candlestick was displayed.
$TIA Bullish breakout and retest
— Crypto_Jobs ♂️ TA & FA (@CryptoJobs3) July 22, 2024
Followng my last mid term view:
8.00 – 8.250 – 9.00 $ #TIA #trading #crypto pic.twitter.com/6yeheupFeG
Suppose the buyers remain strong, the Celestia crypto price might reach the $8.00, 8.25, and $9.00 levels in the next few weeks. It could be possible that the Bitcoin price will show bullishness because its movement might impact the TIA price.
TIA Price Forming Inverted Head and Shoulder Pattern; 2nd Leg Loading
On a daily time frame, the TIA crypto price has shaped an ‘inverted head and shoulder’ pattern. The price has yet to form the 2nd leg, which may lead to bullish momentum.
If the price triggers a breakout from the descending channel, buyers may eye for the 2nd leg. Strong buying pressure can be seen if the digital asset price manages to surpass the 200-day EMA.
Alternatively, the trend is bearish, and the price has declined in a descending channel. The price has reached the trendline at press time, and the next momentum is still pending.
If the price faces resistance from the trendline, the price may experience bearish momentum. Bearish candlesticks in the lower/high territory might invite sellers, and the price may keep declining through the channel.
According to the technical indicators, the TIA price has taken support on the 20-day EMA and heading for the 200-day EMA. RSI is 59 and has taken support on the RSI-based moving average and heading for the oversold zone.
Can TIA Price Trigger Breakout or Continue Bearish Trend?
Based on the analysis, the TIA price was currently at a critical point at press time. The recent breakout from the symmetrical triangle pattern and the potential formation of an inverted head and shoulder pattern indicates the possibility of bullish momentum soon.
However, it’s important to consider the bearish trend as the price is falling through the falling channel. The behavior of Bitcoin and the overall cryptocurrency market will likely play a significant role in determining the future price movement of TIA.
Technical Levels
The bullish trend in the TIA price may interrupted near the $8.20 and $11.90 levels. The price may take support at $6.00 and $4.75 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
