Celestia Price Soars 12% as Crypto Market Embraces Greed Once Again
Based on the analysis, Celestia’s TIA token has shown a potential bullish trajectory, with a 12% increase in the last day to reach $7.29, following an 80% retrace from its yearly high. The price has formed an inverted head-and-shoulders pattern, indicating a possible rally to $12.
The 50-day and 200-day simple moving averages acted as resistance levels until the trend began to reverse, with further indications of an ascending triangle pattern confirming the bullish bias.
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Market Trend and Performance
Potential resistance levels on the way up include $10 (200-day SMA), $14, and $16, while lower support levels may be found around $5.9, $4.7, and $4. Technical indicators present mixed signals, with a bearish volume-price divergence but strong relative strength index and Chaikin money flow, signaling increasing bullish momentum.
Comparisons to NEAR Protocol’s price oscillations suggest TIA may be on a similar trajectory and could establish a new all-time high by mid-September 2024. Market sentiment, as indicated by the Crypto Greed & Fear index, currently leans towards “greed,” potentially fueling TIA’s rally back to and beyond its previous all-time high.
Conclusion
In summary, Celestia’s TIA token has surged 12%, aligning with the optimistic market sentiment. There are increased chances of further gains for the asset, with the potential to extend gains up to 58% to $12 before encountering major resistance.
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