thecoinrepublic.com
After a month-long decline, the Celestia (TIA) token has made its base around the $4 mark. It triggered a recovery last week.
Despite the heightened volatility in the market, the TIA token price decisively sustained beyond the 20-day EMA mark. It anticipated an upcoming breakout.
Notably, it made a double bottom pattern and was eyeing to escape from the channel’s trajectory above the $6 mark. Other major alts have willingly pumped out onto the week, while Celestia has staged a stunning comeback.
This seemed to respond positively to the chart overall. Also, the affirmation of support was around the $4 mark at the lower end and the retest of the neckline.
Fueled by the increased accumulation and a noteworthy rebound from the channel lows, the TIA token is set for a breakout ahead. Additionally, investors are eyeing the platform’s first major upgrade, the ‘Lemongrass.’
According to Celestia, this upgrade brings several consensus layer changes aimed at enhancing the functionality and performance of the platform.
Celestia Seems Set for a Breakout: Price Action Outlook
The One-Day Celestia (TIA) chart revealed that the price was riding on a significant downtrend. It represented a correction in the past few weeks.
It formed a falling wedge pattern and depicted a series of lower lows for the past few weeks. However, the correction wave ended, and signs of pullback were spotted.
If the token price escapes the overhead trendline of $6.20, it may revisit the 200-day EMA mark in the short term.
When writing, Celestia token was trading at $5.60, added 2.30% intraday with a trading volume of $98.85M. A change of +47.46% accompanied this.
It has jumped over 46% over the past week, securing the 56th position with a market cap of $790.43M.
World Of Charts (@WorldOfCharts1) tweeted that the TIA price reached the edge of the resistance zone. Now, it is trying to surpass the crucial $6 mark. A major upward movement can be seen ahead if it succeeds in cracking the region.
$Tia#Tia Testing Resistance Still Expecting Massive Bullish Wave Incase Of Successful Breakout https://t.co/uIUZH3TwVx pic.twitter.com/Rbk0kvoQuH
— World Of Charts (@WorldOfCharts1) August 13, 2024
The Moving Average Convergence Divergence (MACD) indicator displayed a rise in the green histogram. It suggested constant buying pressure throughout this week.
Similarly, the RSI line reached the 55 mark, underlying the bullish observations. Its average trendline showed a bullish curve, implying a potential reversal ahead.
Funding Rate Observed a Negative Reading
The funding rate across the exchanges was negative and remained below the zero line over the weekend, noting around -0.0139%. This negative data implied a bearish bias and a sign of negative sentiment among the investors.
However, the futures Open Interest (OI) rose over 1.50%, reflecting a mild long addition in the past 24 hours. Undoubtedly, the OI also floated negatively and is near the weekly lows.
If the market continues trading under a positive sentiment, the TIA price might attempt to cross its upper resistance of $6. It may reach the $7.40 mark next week.
Conversely, if a price rejection occurs, the token might soon skip the momentum run and retest the lower neckline of $4.30.