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The Celestia price slipped over 1% in the last 24 hours to trade at $12.30 at press time.
Celestia Price Overview
4-hour chart for TIA/USDT (Source: TradingView)
In recent trading sessions, the Celestia price has shown some interesting patterns on the 4-hour chart. The closing prices have fluctuated, before taking a significant dip. This movement presents a complex picture, but when dissected with the help of technical indicators such as the 9 EMA, 20 EMA, MACD, RSI, and volume data, a clearer strategy begins to emerge.
The Exponential Moving Averages (EMAs) offer the first insight. The 9 EMA readings both indicate a bearish trend as prices remain below these averages. This divergence suggests that the asset is currently in a downtrend, a sentiment echoed by the declining prices.
Core Devs Call happening now 👇 https://t.co/mHP66L0Qn7 — Celestia (@CelestiaOrg) April 3, 2024
The Moving Average Convergence Divergence (MACD) values, showcasing MACD and signal lines alongside the histogram, further detail the market’s condition. The negative histogram values, which are becoming less negative over time, suggest that the bearish momentum might be waning. However, the MACD remains below the signal line, underscoring the market’s prevailing bearish sentiment but hinting at a potential change in momentum.
A Potential Reversal
One of the most critical indicators for market sentiment, the Relative Strength Index (RSI), has oscillated between 25.69 and 32.66, indicating that TIA has been in the oversold territory. This could suggest a potential reversal or at least a pause in the downtrend, as sellers may start to lose their grip over the market.
Looking ahead, traders are eyeing key resistance levels at $14.11, $14.31, and $14.49. A bullish reversal that pushes the Celestia price above these levels could signal a strong upward momentum, suggesting entry points for long positions. Conversely, should the asset fail to break these resistances, it could reaffirm the current bearish trend, providing opportunities for short trades. Entry and exit points should be considered with caution, keeping a close eye on the aforementioned technical indicators for signs of a momentum shift.
In conclusion, while the technical indicators on the 4-hour chart for TIA lean towards a bearish outlook, the market is showing signs that may suggest a potential reversal. Traders should closely monitor the EMAs, MACD, RSI, and volume data for further indications of market direction. Entry into the market, whether for long or short positions, should be made with careful consideration of these technical factors.
Disclaimer: 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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