The Celestia (TIA) price has seen a notable uptick since November 10, surging to a fresh all-time high of $12.47 today.
Celestia Hits Record High, Eyes Set on 20 Dollars – What’s Next?
Despite this impressive high, TIA token has yet to break out from its central pattern. The question on many traders’ minds is whether this breakout is imminent. The upward trajectory of TIA’s price since its November 10 low of $2.43 has been contained within an ascending parallel channel, with the pattern’s resistance and support trend lines consistently validated.
Applying Elliott Wave theory to the analysis, which involves studying recurring long-term price patterns and investor psychology to gauge trend direction, the current scenario suggests that TIA initiated a five-wave upward movement in November. Presently, it appears to be in the fifth and final wave of this upward surge.
To assess market conditions, traders often turn to the Relative Strength Index (RSI) as a momentum indicator. An RSI reading above 50 in conjunction with an upward trend gives bulls an advantage. Conversely, if the reading falls below 50, the opposite holds true. The six-hour RSI for TIA supports the continuation of the upward trend, having broken out from its bearish divergence trend line (green), being above 50, and displaying an overall bullish momentum.
Looking ahead, if the TIA price manages to break out from the established channel, the initial target for the top of the fifth wave is projected at $14.50. This represents a 20% increase from the current price, derived by applying a factor of 0.618 times the length of wave one to wave five. Investors are keenly watching for signs of this potential breakout and subsequent price movement.
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