Celestia (TIA) has experienced a decline in price over the last month, with a 6.54% drop to $5.93. Despite this bearish trend, there are indications of a possible reversal in the near future.
Currently, TIA has fallen by an additional 3.15% in the last 24 hours and may continue to face downward pressure before a strong rally begins.
Anticipating Upside Potential with Bullish Pattern in TIA
A bullish inverse head-and-shoulders pattern has emerged for TIA, often a precursor to a significant upward movement. This pattern typically indicates an upward shift, with the target price based on the pattern’s structure.
This formation could lead to a potential gain of 51.36% for TIA, projecting a price of $9.861. Further positive momentum might drive TIA to a secondary target of $11.880.
At present, TIA’s price is in decline but could find support at $5.589, serving as a potential bounce-back point towards an upward trajectory. However, falling below $4.506 would invalidate the bullish inverse head-and-shoulders pattern.
Correctional Move Temporarily Impacts Celestia’s Momentum
TIA’s rally has hit a delay as it struggles to surpass key resistance levels that would signal a forthcoming uptrend.
Analysis using various technical indicators indicates that while a minor downturn might persist, the overall market sentiment towards TIA remains positive, with indicators staying in favorable territory.
One of the critical indicators, the Chaikin Money Flow (CMF), highlights ongoing buying pressure, suggesting that any current downtrend is likely a short-lived correction.
Similarly, the Relative Strength Index (RSI) supports the bullish outlook, maintaining positivity despite recent price dips.
A reversal in these indicators could trigger a price increase for TIA, potentially leading to further gains.
Market Sentiment Overview
Analyzing the broader market sentiment on a higher timeframe reveals a bullish outlook for TIA, with a growing preference among investors to hold rather than sell.
Data from Coinglass’s Exchange Netflow demonstrates a significant outflow of TIA tokens from exchanges, indicating a preference for holding onto the asset rather than trading it.
Continued holding interest from investors could drive TIA’s price upwards, supported by sustained market confidence in the cryptocurrency.