Celestia (TIA) eyes the $10 target as technicals suggest recovery amid the current bullish momentum in the broader crypto market.
As Bitcoin targets $70K and the crypto market aims at $3 trillion market cap in 2024, the weeks ahead are filled with optimism. Celestia is riding on this optimism, poised for a massive price jump with a trend reversal rally in the coming days.
Following two positive weeks, the altcoin aims to reclaim the $10 psychological mark. Will the bull run continue in the TIA price trend as an end-of-correction breakout rally looms?
Post 45% Rally, Will Celestia Form Another Lower High?
With a massive correction phase in motion, the TIA price trend reveals a lower high trend formation and a solid resistance trendline. Further, the downfall accounted for a 75% decline before the ongoing bounce back, starting from the $4.852 support level.
The ongoing recovery rally creates two massive bullish candles on the weekly chart and accounts for a 45% surge. Currently, the TIA token is trading at $7.246 and registers a higher price rejection from the overhead trendline.
Along with the resistance trendline, the Celestia token price faces opposition from the slightly above 23.60% Fibonacci level.
The Underlying Shift in Bullish Gears Teases a Breakout Run
On closer inspection, the TIA price trend forms an inverted head and shoulder pattern with a neckline at $7.214. Further, the recovery rally forms a double bottom pattern along the same neckline, increasing the breakout chances.
The bullish engulfing candle challenges the 50D EMA, acting as a dynamic resistance near the neckline. However, the uptrend in the daily RSI line and the positive trend in MACD and signal lines support the bullish outlook. Hence, the momentum indicators bolster the possibility of a bull run.
Where is the TIA Price Bull Run Headed?
As per the price action analysis, the increasing number of bullish patterns could overcome the supply overhead. Further, a broader crypto market recovery will likely push the TIA price higher.
Based on the Fibonacci levels, the uptrend in TIA price with the 23.60% level breakout could reach the 50% Fib level at $12. Thus, it is likely to surpass the $10 psychological mark in the coming days.
However, a failure to fracture beyond the trendline will likely retest the bottom support level at $6.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
