Celestia crypto sees 31.5% surge in just two days, but will bears strike back?

Celestia crypto records 31.5% gains in two days but the long-term market structure is bearish

Recently, Celestia coin, known as TIA, experienced a significant boost in value, leading many traders to speculate on its future trajectory. However, analysis from CryptoCrypto indicates a possible minor price correction in the coming days.

While the overall trend remains bullish, higher timeframe charts suggest a bearish momentum. Despite this, the notable increase in trading volume indicates a strengthening bullish sentiment, potentially propelling the price towards $8.

Strong Defense at the 100% Fibonacci Retracement Level Triggers a Major Rally

The most recent price peak was at $6.194, with a failed attempt to exceed this level on September 19th when TIA hit $6.498. The inability to sustain trading above $6.194 kept the market sentiment bearish.

With a growing trading volume in recent days and an OBV surpassing previous highs from August, signs indicate a forthcoming breach of the $6.2 resistance barrier.

While the long-term momentum appears bearish based on the 20 and 50-period simple moving averages, the short-term outlook is bullish as Celestia has crossed over these averages.

Potential Targets for the Ongoing Bullish Momentum

Within a span of ten days, Celestia coin registered significant gains, particularly concentrated in the last three days. Analysis of the liquidation heatmap identifies $7 and $8 as key levels where price action might intensify.

Traders are advised to monitor potential reversals at these levels as liquidity tends to attract price movements. Given the recent trading volume, a move towards $8 seems more plausible than a reversal at $7.

Concerns about short-term price volatility are evident from CryptoCrypto’s liquidation levels chart. A positive cumulative liq levels delta suggests a heightened possibility of a price dip.

Notably, the prevalence of long positions could exert downward pressure, leading to liquidation of late bulls. Support levels at $5.8 and $5.6 are crucial checkpoints where a potential dip may halt before Celestia continues its upward trajectory.

Disclaimer: The views expressed do not constitute financial advice and are solely the author’s opinion.

 

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