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The Celestia price plummeted more than 11% to trade at $13.03 at press time as investors readjust their portfolios for the new week.
The Celestia Price Could either Break Out or Breakdown Soon
4-hour chart for TIA/USDT (Source: TradingView)
The Celestia price established a second higher low on its 4-hour chart over the past 12 hours. This has resulted in the formation of a positive trend line on the altcoin’s chart. As a result, a symmetrical triangle has also formed on TIA’s 4-hour chart, after it printed lower highs over the past 2 days. If this pattern plays out, it could lead to a price breakout in the next 48 hours.
Should this breakout be towards the downside, the Celestia price may drop below the positive trend line that has formed on its 4-hour chart. This is a significant level to watch as it is also confluent with the key support level at $12.7390. A break below this mark could therefore lead to the altcoin falling to as low as $10.9495 in the following few days.
On the other hand, a bullish breakout could see the Celestia price attempting a challenge at the major $15.6115 resistance level. Continued buy support may then elevate TIA to above this threshold, which would open up a path for it to rise to $17.4010 in the short term.
TIA Still Has Some Technical Obstacles to Overcome
Technical indicators on TIA’s 4-hour chart showed that the altcoin was still in a negative trend. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators were flagging bearish.
The MACD line was breaking away below the MACD Signal line. This is generally seen as a sign that a negative trend is growing stronger. Meanwhile, the RSI was positioned below its Simple Moving Average (SMA) line, suggesting that sellers are currently stronger than buyers.
However, traders and investors will want to note that the RSI was in oversold territory. Buyers generally identify this technical flag as a long signal. In addition to this, the RSI was sloped positively, which indicates that buyers are already starting to accumulate strength.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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