After a period of upward movement over the past few weeks, Celestia (TIA) could be preparing to witness increased price fluctuations leading to a breakout from the current uptrend. That is according to data presented by market analyst Ali Martinez today. The analyst disclosed that TIA is currently experiencing rejection at a crucial resistance level and is showing some warning indicators.
Why is Celestia rejected at $3.80
Over the past week, TIA has been trading upwards, registering increases that have bolstered its price above the $3.0 mark. However, as per Martinez’s technical chart, the Celestia price has been facing rejections at $3.80.
According to his technical analysis, the analyst projected that Celestia’s price could see a potential drop to a low of $1.60 soon. A current formation of a traditional bear flag pattern on the TIA price chart signals a possible significant breakout from the current uptrend.
The rejections at the $3.80 price mark are significant for the altcoin’s movement, as they triggered the formation of the bear flag pattern. This pattern is often recognized as a bearish signal during an upward movement. It indicates a potential end of an asset’s uptrend. In the context of Celestia, Martinez suggests that the asset’s recent rejections at $3.80 signal a significant drop to a low of $1.60 soon. However, this pullback will create an opportunity for those looking to accumulate TIA at a discount.
TIA price updates
Celestia is displaying rising indicators of weakness, as on-chain analysis shows a looming bearish outlook ahead. Although the altcoin’s price has been up 20.5% over the past two weeks, there are worrying signs indicating that TIA could be moving towards a significant decline soon.
Recent metrics from IntoTheBlock show a worrying decline in market activity in TIA. Though the amounts of new wallet addresses have increased by 19.3%, suggesting slightly expanded user interest, the amounts of active wallets have decreased by 16.28%. This signals a drop in sustained user engagement. This lack of sustained activity could make it difficult for TIA to maintain its price stabilization or witness a substantial rebound. In particular, decreased activity from whales could create additional downtrend pressure on TIA’s price.
Furthermore, currently, the asset is trading in a crucial region that could influence its next movement soon. If it fails to maintain its value around the region of $3.60 and $4.50, it could fall to lower regions at $2.72, $2.50, and eventually at $2.32. A fall below the $3.0 mark could potentially accelerate this drop, as trader sentiment would move further into the bearish zone.
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