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Exactly five months ago, the native token of the modular blockchain network Celestia (TAI) reached an all-time high of $20.09. However, after that, the price dropped by 65.37% and has shown significant recovery since July 9. In the last 24 hours, TIA’s price increased by 17.36% and is currently trading at $7.16.
What’s Happening on the Celestia Front?
Celestia reached its lowest price since November 2023 on July 5 before achieving the highest gain today. At that moment, the price was $4.78, which means it was 80% lower than its ATH. According to the daily TIA/USD chart, the prolonged decline led to the formation of a descending channel. The descending channel is a technical chart pattern indicating a downward trend in the price of a cryptocurrency.
In the above chart, it can be seen that the bulls created a good demand level between $5.06 and $6.09, taking advantage of the decline. If this continues, Celestia may continue to experience an upward breakout. Meanwhile, a popular investor named Satoshi Flipper commented on TIA’s potential price movement:
“Exit this 8-month consolidation channel at $8.50 for the real fun to begin. The longer the consolidation, the harder the rise.”
TIA Chart Analysis
Another look at the daily chart shows that TIA has risen above its 20-day EMA (blue). EMA stands for Exponential Moving Average and measures the direction of the trend over a specific period. If the price is below the EMA, the trend is downward, but if it is above, the trend is upward. Therefore, as long as TIA stays above the support, the price may continue to rise.
Additionally, the token is on the verge of surpassing the 50-day EMA (yellow) at $7.51. If the bulls successfully overcome this region, the next target for the token will be $8.07. Also, the Relative Strength Index (RSI) is at 53.07. Therefore, since TIA’s RSI has crossed the midpoint, the momentum is in an upward trend. If the RSI continues to rise, the token value may move in the same direction, with short-term targets between $8.07 and $9.16.
