Celestia (TIA) Price Defending $5 Mark; Is the V-shape Recovery Loading?

After solid selling pressure, the TIA crypto price has taken support at the $5 mark and gained 53% in the past 4 days.

The price of TIA crypto experienced a significant surge, reaching an all-time high of $21.25 on February 10. This上昇 was driven by a strong bullish momentum, which saw the price increase by 800% since November 2023.

However, the price encountered selling pressure at the peak, forming a shooting star candlestick pattern.

Since mid-February, the Celestia price has declined, forming lower lows and lower highs.

In March and April, the price created a double-bottom pattern by finding support at the $8 level.

It attempted to rise to the 200-day EMA but was unable to cross it.

The Celestia crypto price showed a negative performance after facing resistance from the 200-day exponential moving average.

The digital asset price trapped buyers by tempting them with a double-bottom and then dragging the price down by 46% in a month.

At press time, Celestia crypto was trading at $6.14, showing an intraday increase of 1.51%.

The market capitalization stood at $1.20 Billion, while the 24-hour trading volume was $204.29 Million.

According to a source on X, the buying pressure could increase if the TIA crypto candle closes above $5.70.

The bearish trend was halted at the historical support level of $5.

If the price manages to cross the 20-day EMA, it could attract buyers and propel the price toward the 200-day EMA.

The TIA crypto price received support at the $5 mark after experiencing strong selling pressure, leading to a 53% gain in the past 4 days.

However, it had yet to cross the 20-day EMA at the time of writing.

If the price crosses the 20-day EMA and volume picks up, the price could easily extend to the 200-day EMA.

The digital asset price defended the $8 mark twice since April.

However, it failed to hold it a third time, allowing sellers to take over.

If the TIA price manages to cross and sustain above the $8 mark, it could lead to sellers getting trapped below this level.

Due to the liquidity grab, the price could experience a positive movement.

On the other hand, if the price encounters resistance at the 20-day EMA, it could lead to a negative price action.

A price drop below the recent low would be a bearish sign, increasing the possibility of a new all-time low.

Technical indicators, such as the RSI, were at 24 and quickly recovered from the oversold zone at press time.

It generated a bullish crossover with the RSI-based moving average.

The technical indicators suggest that buyers are showing interest in pushing the price of TIA crypto higher after it found support at the $5 mark.

With the trading volume surging by 200% in the past 24 hours and the price increasing by more than 50% in the past 4 days, there is potential for further upward movement.

It’s worth noting that the price needs to gain 77% to achieve a double-digit level from the current level.

The bullish trend in Celestia crypto may encounter resistance at the $8.00 and $12.00 levels.

It may find support at the $5.00 and $2.25 mark.

This article is for informational purposes only and provides no financial, investment, or other advice.

The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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