Celestia (TIA) Seems Set for a Breakout: Price Action Outlook
- WBOYOriginal
- 2024-08-14 12:20:20258browse
After a month-long decline, the Celestia (TIA) token has made its base around the $4 mark. It triggered a recovery last week.
After a month-long downtrend, Celestia (TIA) token price recovered last week from the $4 mark.
The price action formed a falling wedge pattern and depicted a series of lower lows for the past few weeks. However, the correction wave ended with signs of pullback spotted.
If the token price breaks out from the overhead trendline at $6.20, it may revisit the 200-day EMA mark in the short term.
At press time, Celestia token was trading at $5.60, up 2.30% intraday with a trading volume of $98.85M. A price change of +47.46% was noted.
It jumped over 46% in the past one week, securing the 56th position with a market cap of $790.43M.
World Of Charts (@WorldOfCharts1) tweeted that the TIA price reached the edge of the resistance zone. Now, it’s trying to surpass the crucial $6 mark. A major upward movement can be seen ahead if it succeeds in cracking the region.
$Tia#Tia Testing Resistance Still Expecting Massive Bullish Wave Incase Of Successful Breakout https://t.co/uIUZH3TwVx pic.twitter.com/Rbk0kvoQuH
The Moving Average Convergence Divergence (MACD) indicator displayed a rise in the green histogram, suggesting constant buying pressure throughout this week.
Moreover, the RSI line reached the 55 mark, underscoring the bullish observations. Its average trendline showed a bullish curve, indicating a potential reversal ahead.
Funding Rate Observed A Negative Reading
The funding rate across the exchanges remained negative and hovered below the zero line over the weekend, around -0.0139%. This negative data implied a bearish bias and a sign of negative sentiment among the investors.
However, the futures Open Interest (OI) rose over 1.50%, indicating a mild long addition in the past 24 hours. Notably, the OI also trended negatively and remained at the weekly lows.
If the market continues trading under a positive sentiment, the TIA price might attempt to cross its upper resistance of $6. It may reach the $7.40 mark next week.
On the contrary, if a price rejection occurs, the token might soon skip the momentum run and retest the lower neckline of $4.30.
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