Will Celestia price’s bounce trigger a 50% rally for TIA bulls?

Celestia (TIA) price, like the broader cryptocurrency market, is trading with a bearish bias. However, for TIA, the altcoin has missed out on the recent rally that saw the Bitcoin (BTC) price ascend past the $70,000 psychological level. The dip in the TIA price could be an opportunity in disguise depending on how the bulls play their hand.

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

Celestia price could rally 50%

Celestia price has been in an overall bearish trend, trading within a descending channel pattern since early February. The price action has been broadly characterized by lower highs and lower lows.

After a successful bounce above the $8.40 support, the Celestia price could be poised for a rally. If this support holds, TIA price could shatter resistance due to the midline of the channel, potentially extending to the $14.70 roadblock. This would constitute a 50% climb above current levels.

Long positions are encouraged once the Celestia price successfully breaks and closes above the midline of the descending parallel channel. A breakout above the $14.70 resistance is needed for the bulls to take over.

If Celestia price successfully breaks out above $14.70, this could lead to a move towards the $20.80 resistance level.

The Relative Strength Index (RSI) is close to slipping below 30, suggesting that TIA could soon be oversold, precipitating a pullback. Hence, TIA is at a good point to register a bold move north. All it needs is the go sign from Bitcoin price or renewed enthusiasm in the market.

TIA/USDT 1-day chart

On the other hand, if profit booking continues, the Celestia price could drop to the $8.40 support. A slip below this level would send TIA price to the support zone right underneath. If the bears haul the Celestia price to break below $7.56, it would produce a lower low. This would invalidate the bullish thesis.