TIAUSDT dropped below the $15.6115 support level during yesterday’s trading session to reach a low of $13.8700. Since then, TIA has recovered to trade above the significant price point. As a result of the recovery, the altcoin is currently attempting to overcome the upper boundary of a negative price channel. Should it successfully escape this range, it may then attempt to flip the resistance level at $17.4010 into support. A daily candle close above this threshold could lead to the Celestia price rising to the subsequent barrier at $18.7680 in the short term.This bullish thesis may be invalidated if TIA breaks below the $15.6115 support level in the next 48 hours. In this alternative scenario, the altcoin may be at the mercy of the descending channel once again, and stands the risk of falling to $12.7390 in the following few days as a result.
Traders and investors will want to note that a symmetrical triangle pattern has formed on TIA’s daily chart over the past 2 weeks. This specific pattern suggests that a breakout may be in the cards for the Celestia price.
A Potential Change in Momentum
Technical indicators on TIA’s daily chart are currently neutral, and give no clear indication of which direction the potential breakout will go. However, the Moving Average Convergence Divergence (MACD) indicator shows that TIA’s negative trend is cooling down in intensity. This is evident in the leveling off of the MACD histogram’s slope. At the same time, The Relative Strength Index (RSI) shows that bulls are starting to slowly re-accumulate their strength against sellers, as the RSI is closing in on its Simple Moving Average (SMA). Should these two lines intersect, it may be a strong bullish sign that buyers will begin to boost the Celestia price.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.