Is Celestia poised for a further upswing?
Before it emerged as the highest gainer today, Celestia reached its lowest price since November 2023 on July 5. The price as of then was $4.78, meaning it was 80% down from its ATH.
According to the daily TIA/USDT chart, the extended decline led to a descending channel formation.
This pattern is bearish as it shows lower highs and lower lows during the period marred by a downturn and consolidation in between.
From the chart above, bulls seem to have taken advantage of the decline by creating a good level of demand between $5.06 and $6.09.
If sustained, Celestia may continue to experience a breakout to the upside.
Another look at the daily chart shows that TIA has risen above the 20-day EMA (blue). EMA stands for Exponential Moving Average, and it measures trend direction over a period of time.
If the price is below the EMA, the trend is bearish. But when it is above it, the trend is bullish. Therefore, as long as TIA stays above the threshold, the price can continue to increase.
Furthermore, the token is on the brink of breaking above the 50-day EMA (yellow) at $7.51. If bulls successfully breach this region, the next target for the token will be $8.07.
In addition, the Relative Strength Index (RSI) is at 51. The RSI measures momentum by measuring the speed and size of price changes.
Thus, since TIA’s RSI has surpassed the midpoint, momentum is bullish. If the RSI continues to rise, the value of the token may also follow in the same direction, with short-term targets between $8.07 and $9.16.
According to the daily TIA/USDT chart, the extended decline led to a descending channel formation.
This pattern is bearish as it shows lower highs and lower lows during the period marred by a downturn and consolidation in between.
From the chart above, bulls seem to have taken advantage of the decline by creating a good level of demand between $5.06 and $6.09.
If sustained, Celestia may continue to experience a breakout to the upside.
Another look at the daily chart shows that TIA has risen above the 20-day EMA (blue). EMA stands for Exponential Moving Average, and it measures trend direction over a period of time.
If the price is below the EMA, the trend is bearish. But when it is above it, the trend is bullish. Therefore, as long as TIA stays above the threshold, the price can continue to increase.
Furthermore, the token is on the brink of breaking above the 50-day EMA (yellow) at $7.51. If bulls successfully breach this region, the next target for the token will be $8.07.
In addition, the Relative Strength Index (RSI) is at 51. The RSI measures momentum by measuring the speed and size of price changes.
Thus, since TIA’s RSI has surpassed the midpoint, momentum is bullish. If the RSI continues to rise, the value of the token may also follow in the same direction, with short-term targets between $8.07 and $9.16.
Penafian
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