TIA Price Forming Inverted Head and Shoulder Pattern; 2nd Leg Loading
- WBOYOriginal
- 2024-07-23 16:08:45875browse
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.
Technical analysis of Celestia (TIA) price indicates a critical breakout from a symmetrical triangle pattern on the 4-H timeframe. This breakout was followed by a retest, resulting in a bullish candlestick formation.
If buying pressure remains strong, the TIA crypto price might reach the $8.00, 8.25, and $9.00 levels in the next few weeks. Notably, the movement of Bitcoin price will also play a role in determining the future price movement of TIA.
On the daily timeframe, the TIA crypto price is observed to be forming an ‘inverted head and shoulder’ pattern. While the first and third legs have been formed, the second leg is yet to be fully realized.
This formation suggests the potential for bullish momentum once the 2nd leg is formed and the price triggers a breakout from the descending channel. Strong buying pressure can be anticipated 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. At press time, the price has reached the trendline, awaiting the next momentum.
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.
Technical indicators showcase the TIA price taking support on the 20-day EMA and heading for the 200-day EMA. RSI is at 59 and has taken support on the RSI-based moving average and heading for the overbought zone.
To summarize the analysis, the TIA price was at a critical juncture 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 note 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.
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.
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