Celestia’s (TIA) price has been on the rise within an ascending parallel channel since early November. Bullish indicators such as the Relative Strength Index (RSI) and wave count support the positive outlook for TIA’s price.
However, it’s important to note that a potential rejection from the resistance trend line of the channel could result in a downward correction.
Celestia’s (TIA) Rapid Surge to New Highs Sparks Bullish Sentiments
Celestia’s (TIA) price has been on the rise since November 10, hitting a record peak of $12.47 today. Despite this milestone, TIA has not yet broken out from its central pattern. The question remains whether it will make such a move in the near future.
The TIA price has experienced a swift ascent since hitting a low of $2.43 on November 10, following a distinct upward trajectory within an ascending parallel channel. This pattern has seen repeated validations of its resistance and support trend lines.
A noteworthy event occurred on November 27 when TIA rebounded at the channel’s support line (green icon), propelling the altcoin to a substantial increase. The surge culminated in a new all-time high of $12.47 today, aligning with the channel’s resistance trend line (red icon).
TIA/USDT Six-Hour Chart. Source: TradingView
This remarkable surge in TIA did not go unnoticed by the cryptocurrency community. CryptoGodJohn drew parallels between TIA’s movement and Solana’s (SOL) early 2021 surge, hinting at the potential for a parabolic move. CryptoKnight expressed optimism, suggesting that the upward momentum could extend to $20.
$tia did you buy the dip ??
soon we are teleporting to 20$ https://t.co/CIyHUChYZD pic.twitter.com/XDh0uyXIo8
— KNIGHT $INJ TO 100$ (@cryptoknight890) December 12, 2023
Adding to the positive sentiment, Kelvin Talent highlighted a previous accurate prediction involving a breakout from a descending wedge, leading to the new all-time high in TIA’s price.
Elliott Wave Analysis Points to Potential Upside for Celestia (TIA)
Elliott Wave theory, a method for analyzing long-term price patterns and investor psychology, suggests a promising outlook for Celestia’s (TIA) price movement. The prevailing analysis indicates that TIA initiated a five-wave upward movement in November, currently navigating the fifth and final wave of this upward trend.
Utilizing the Relative Strength Index (RSI) as a momentum indicator, traders assess whether the market is overbought or oversold, influencing decisions to accumulate or sell assets. A reading above 50 with an upward trend favors bulls, and the six-hour RSI for TIA signals a positive outlook. Breaking out from its bearish divergence trend line (green), the RSI is above 50 and steadily increasing—a confluence of bullish indicators.
If TIA’s price breaks out from the channel, the initial target for the fifth wave is projected at $14.50, representing a 20% increase from the current price. This target is calculated by assigning wave five a length 0.618 times that of wave one. A secondary target of $18.10 is identified, requiring a 50% surge to match the combined length of waves one and three.
Despite the optimistic forecast, caution is advised. A substantial rejection at the channel’s resistance trend line may signal the completion of the upward movement, potentially leading to a 25% decline toward the channel’s support line.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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