Celestia [TIA] price surges to $11.96 amidst bullish momentum: What’s next?

Celestia’s token (TIA) has emerged as a standout performer amidst the recent surge in alternative cryptocurrencies. Despite a marginal 3.45% decline in the last 24 hours, the token has seen a remarkable 22.80% increase over the week, portraying a robust overall upward trajectory.

Currently, TIA stands at a critical juncture, with analysts closely monitoring its next potential movements.

A hurdle in TIA’s upward momentum

The recent surge in TIA’s price largely stems from a bullish triangle pattern. However, for the token to sustain its upward drive, it necessitates a breakthrough of the resistance line within the pattern.

This pattern introduces various price scenarios. In a bullish scenario, TIA would surpass the resistance barrier, targeting an initial short-term goal of $8.34, with a potential extension towards $11.96.

Alternatively, the token could find solid support around $5.368 before making an attempt to break through the resistance.

In a bearish scenario, TIA may experience a decline towards the base of the channel at $4.886, with a possibility of further downward pressure leading it to $4.512.

Mixed market sentiment

Presently, the market sentiment towards TIA appears mixed, although data from Coinglass suggests a bullish trend in Open Interest and Open Interest Weighted Sentiment.

Open Interest, reflecting the count of unresolved derivative contracts, displayed a bullish sentiment towards TIA, rising by 5.45% to hit $248.39 million at the current time.

The Open Interest Weighted Sentiment, which gauges the intensity and direction of trader positions based on contract volume, has also maintained its bullish stance, steadily climbing since October 31st and reaching a peak reading of 0.0453%.

Both metrics suggest a probable continuation of the bullish trend for TIA following its recent surge.

However, additional indicators indicate the potential for bearish pressure. Over the last 24 hours, $1.67 million in long liquidations suggest that traders expecting an upward breakout have incurred losses.

Furthermore, Exchange Netflow unveiled a notable influx of TIA into exchange wallets, hinting that certain traders might be gearing up to sell, either to secure profits or due to diminishing confidence in further upward movements.

To establish a clear direction in trend, a unification of market sentiment is required. Should bullish momentum prevail, TIA could witness a rally towards $11.96.