While Bitcoin maintains its dominance, many altcoins are under pressure. In recent months, Celestia and Optimism have seen significant price declines, necessitating a close examination of their charts and prospects.
Celestia (TIA)
On TIA's daily chart, price action is confined within a year-long falling wedge pattern. The latest downturn began on December 7, following a rejection at $8.40 resistance. Geopolitical uncertainties, such as former U.S. President Donald Trump’s tariff policies, have further pressured TIA down to $2.63, before a slight rebound to $3.01. If TIA manages to hold this support and rally, the next resistance is the 50-day SMA, potentially paving the way for a recovery towards the upper resistance trendline near $5.57.
Optimism (OP)
OP has similarly been trading within a falling wedge. The recent downtrend began on December 7, post a rejection from the wedge’s upper resistance at $2.74. This pushed OP down to $0.78, later recovering to $1.07. Currently, OP is testing a critical support area, and a successful hold could cause a relief rally to the wedge resistance at $1.74.
Is a Bounce Back Ahead?
Currently, both TIA and OP are testing key support levels, showing signs of resilience. The subsequent move largely depends on Ethereum’s performance and Bitcoin's dominance, which has increased to 61.52%. If Ethereum gains traction or Bitcoin stabilizes, both TIA and OP could witness significant rallies. Until then, traders should monitor these key supports to evaluate further movements.
Amid a tumultuous cryptocurrency market, Celestia and Optimism continue to face pressure, with their future heavily reliant on macro factors and the dominance of leading cryptocurrencies.
