Celestia Price Prediction: TIA at crossroads as it forms rounded top

Celestia price set up an ATH on February 10 at $21.16 and has been descending since.
The recent 37% crash betwene March 13 and 19, has put the bullish trend in question.
A breakdown of $11.74 could lead to a steep 22% correction to 9.14.

Celestia (TIA) price shows a slowdown of the bullish momentum after forming an all-time high (ATH), and suggests a potential reversal. If Bitcoin triggers a sell-off, it could kickstart another correction, TIA is most likely to follow its lead.

Also read: Celestia price could dip before TIA rallies 40%

Celestia price ready to shed weight

Celestia price action between January 3 and March 19 has formed a rounded top with a string of higher highs preceding the ATH of $21.16 on February 10 and subsequent lower highs to date. In forming the rounded top, which is a bearish setup, marked a key development due to two reasons:

Celestia price crashed 37% and tagged the $11.74 support level, which formed the base at the start of the rounded bottom on January 3.

The sudden sell-off between March 13 and 19, resulted in a breaching the $15.14 support level, which has created the first lower low on a high timeframe outlook. This bearish shift in market structure hints at a sustained downtrend, especially if BTC continues its descent.

Therefore, Celestia price could see a retest of the $10 psychological level or the low volume node at $9.14. This move would constitute a 22% correction from the current level of $13.18.

TIA/USDT 1-day chart

On the other hand, if Bitcoin price switches up the bearish outlook and triggers a reclaim of the $70,000 psychological level, it could change the altcoin market dynamics. In such a case, if Celestia price bounces off $11.74 support level and produces a higher high above $20.33, it would create a higher high and invalidate the bearish outlook.

This development could see Celestia price attempt 23% rally and set up a new all-time high of $25.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram