Celestia (TIA) has experienced a notable 12% price jump over the past 24 hours, signaling a potential breakout above $4. Despite the positive momentum, the broader market cues continue to present challenges that could limit TIA’s upward trajectory.
However, the current price action suggests the altcoin could maintain its bullish trend.
Celestia Is Aiming Higher
The Relative Strength Index (RSI) for Celestia has recently reached a near three-month high, reflecting the strength of the altcoin’s bullish momentum. This increase in RSI indicates that TIA’s price could continue rising if the current factors persist. Notably, TIA exhibits an inverse correlation of -0.69 with Bitcoin, meaning that its price is less influenced by BTC’s movements. This further supports the outlook that TIA could break higher and see further gains, especially if investor sentiment remains positive.
With the RSI signaling an increase in bullish strength, TIA’s momentum could continue upward. Should these trends hold, the altcoin may experience a continuation of its uptrend, making a potential breakout above the $4.00 resistance level increasingly likely.
Celestia’s price action is also affected by broader market cues, with the Ichimoku Cloud indicating bearish trends in the overall market. At present, TIA remains above the candlesticks, suggesting that the altcoin is somewhat shielded from these market pressures.
However, if TIA investors begin selling for profits, the altcoin’s dependence on broader market trends may increase, which could pose challenges to its price stability.
The Ichimoku Cloud is typically used to assess market momentum and trend shifts. It suggests that while TIA is not directly impacted by the bearish market sentiment at this moment, a change in investor behavior could alter its trajectory.
TIA Price Is Preparing For A Breakout
Currently, TIA is trading at $4.09, up by 12% from the previous day and holding above the support level of $3.88. Moving within an ascending channel, TIA seems poised for a breakout. A successful breakout could propel the altcoin by 21.8%, pushing its price above the $5.00 mark, marking a six-week high for TIA.
The next significant resistance for TIA lies at $4.50. If the altcoin can breach this resistance, it will likely continue its upward trajectory, opening the door for further rallies. The price target would be set at $5.00, with additional upside potential if the bullish momentum continues.
However, should the breakout attempt fail, TIA could see a pullback. A failure to maintain the support at $3.88 would likely result in a drop. TIA would thus test the lower trend line of the ascending pattern. If the price falls out of this pattern, the altcoin may decline to $3.23, potentially invalidating the bullish outlook.
Disclaimer
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