Celestia (TIA) price has continued its rise since November 10, reaching an all-time high of $17.2 yesterday. TIA is currently moving towards new price targets. However, how much longer can TIA maintain this increase?
TIA Accelerates Its Upward Movement
Since November, the TIA price has continued to trade within a rising parallel channel. The channel’s resistance and support trend lines have been tested multiple times.
Most recently, TIA was rejected by the channel’s resistance trend line (red symbol) on December 16, causing the price to pull back. This led to a downward movement that resulted in a breakout from the channel on December 25.
Subsequently, TIA dropped to $9.36 on January 3. After this decline, the price quickly recovered and re-entered the channel. Following these events, TIA reached an all-time high price level just a few hours ago.
Many cryptocurrency investors and analysts seem optimistic about the future of TIA following the significant price recovery after the low on January 3.
George1trader states that TIA is currently one of the best-looking coins, while it is also mentioned that there is an ongoing price flow from SEI to TIA.
How Long Will TIA’s Rise Last?
Elliott Wave theory is a synthesis of analyzing repeating long-term price patterns and investor psychology to determine the direction of a trend.
The most likely count in Elliott Wave theory indicates that the altcoin has moved into the third wave of a five-wave upward movement (white), with the sub-wave count marked in black. If this counting method is correct, the end of the second wave was on January 3, marked by a wick. This could have initiated a new upward movement in price.
On the other hand, the RSI indicator is increasing and appears to have crossed above 50. Both indicators could be considered signs of a bullish trend in price. Additionally, a hidden bullish divergence, a sign that the trend is continuing, seems to have occurred.
If the upward price movement continues, possibly influenced by BTC, the first target for TIA’s peak could be 43% above the current price, at $22.80. If the upward movement persists, TIA could see a 95% increase, reaching up to $31.
Despite TIA’s bullish outlook, if the price closes below the $14.60 support, the trend could be seen as bearish. In this case, a 40% price drop to the nearest support at $9.40 could occur.
