- TIA crypto increased 22.36% during the weekly trading session.
- The crypto price has given a breakout from a descending channel at $9.34.
- 24-hour trading volume has reached over $118 Million with an increment of 70.66%.
Celestia (TIA) allows anyone to deploy their blockchain with minimal overhead. It is the first modular blockchain network that scales blockchain architecture from the ground up. TIA is a native token of this network.
The price of the token has faced many drawbacks since February 2024. From November 2023 to January 2024, the crypto price has drawn the attention of many investors toward itself.
What Bulls Will Do After the Breakout?
Celestia price has gone through so many bearish sentiments since February 2024. It started a strong bearish rally while breaking below the key support levels. That resulted in negative profitability in March and April 2024, with a collective drop of over 44% to the $8.10 demand zone.
However, the 11% price rise of May 2024 gave enough courage to traders. They are approaching the current market price. At present, the TIA token price is outperforming the global cryptocurrency market, reflecting the increasing involvement of traders. The Bulls have already taken charge of the crypto price.
Price Volume and Social Dominance Analysis
The hike in social sentiments across the crypto world had a positive influence on the price before May 29, 2024. The price recorded reasonable growth from May 25.
However, social dominance has declined after May 29, along with the trading volume. Conversely, the price remained intact above $10.00, showing the support of market participants in this crypto.
Technical Analysis of the Celestia (TIA/USD)
The short-term bearish outlook implies below the key exponential moving averages (EMAs). TIA is moving between the 50-day and 200-day EMAs, indicating an uncertain short-term trend.
The buyers have shown their presence from the $8.10 demand zone, which resulted in the breakout from a descending channel. The price has given the breakout at the $9.34 level.
Afterward, a 25% bullish rally has been observed in the price. At press time, the price faced resistance from the $11.62 level. TIA price reflects a bullish outlook above that level and a bearish below the $8.10 level.
Moreover, the relative strength index (RSI) is at 58.05, showing strong bullish momentum in the current phase. This indicates that buyers have more control over the price than their counterparts.
Summary
Celestia price has been performing with strong bearish sentiments since February 2024. The price experienced a bearish rally by forming a descending channel pattern, which broke in a recent session.
This indicates the sign of a potential bullish reversal. At present, the crypto is reflecting a bullish outlook. However, the bearish view can be expected to be below $8.10.
Technical Levels
When writing, the immediate resistance for TIA was $11.62, while the $8.10 level was the next support. If the price breaks above the upper resistance, a short rise in price can be expected. Likewise, a drop below the mentioned support can lead to a fall.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
