The cryptocurrency market has witnessed significant corrections since last month, impacting Celestia (TIA), which has dropped 27% and is now nearing a critical support level.
Testing Key Support
Celestia (TIA) is currently consolidating within a symmetrical triangle pattern. Recent rejection from the upper resistance level at $9.28 has led the token to test its major long-term support trendline, which has historically acted as a robust foundation during periods of correction. Currently at $4.72, TIA appears to be stabilizing. Momentum indicators such as MACD and RSI reflect near-oversold conditions, suggesting potential bullish momentum. If this support holds, TIA could aim for a recovery rally toward the upper resistance of the symmetrical triangle.
Elliott Wave Theory and Reversal Potential
Renowned crypto trader @CW8900 on X has highlighted that TIA remains confined within the symmetrical triangle that has persisted since its Binance listing. The price has now touched the bottom of this triangle twice, and Elliott Wave analysis suggests the potential for a bullish 5th wave breakout.
According to the Elliott Wave structure, the 5th wave, if realized, could represent a significant breakout upward from the triangle convergence. Based on previous waves, this upward trajectory could potentially bring TIA to $23.5, marking a major recovery. However, an interim challenge lies in the $12-$12.8 range, where a considerable sell wall exists. While this resistance may initially slow progress, the onset of a broader bull market could pave the way for TIA to achieve its target.
Conclusion: What's Next for Celestia?
Celestia's price action near this critical support level will likely determine its next significant move. A breakout above the triangle would confirm a bullish reversal, potentially aligning with the Elliott Wave projection of reaching $23.5. However, failure to hold the $4.70 support could lead to further downside risks.
The cryptocurrency market remains uncertain. Celestia (TIA) is at a crucial juncture, and its future movement will depend on its ability to maintain current levels.
