Last year and in the first half of 2023, we witnessed numerous networks perform airdrops. A significant number of new altcoins were listed. However, due to the generally bearish sentiment in the markets, they could not achieve the serious gains that were expected. There are also altcoins that have been launched in the last few months and met investors at the right time. TIA Coin was one of them.
Why is TIA Coin Appreciating?
Cryptocurrencies like ADA and AVAX showed positive performance despite the Bitcoin downturn. The situation for TIA Coin was quite different as it reached its all-time high price. TIA Coin set its ATH level today at $12.47, having traversed challenging paths. On November 10th, the altcoin initiated a rapid upward movement from a low of $2.43.
By November 27th, it had bounced off support and caught everyone’s attention. Today, popular crypto analyst CryptoGodJohn said that it could rise impressively in the long term, similar to SOL Coin. TIA Coin may experience a parabolic rally reminiscent of the early 2021 SOL Coin movement.
CryptoKnight, another analyst, predicts that the price may climb even higher to the $20 region. However, the negativity in the Bitcoin price and the upcoming Fed meeting tomorrow could weaken the momentum in altcoins in the coming hours.
TIA Coin Commentary
Even though it doesn’t have a very long history, the Elliott wave theory can be applied to TIA Coin’s chart for price direction. The most likely count shows a fluctuating upward movement beginning from November. Currently, the price is in the fifth and final wave, similar to BTC. The six-hour chart supports the RSI rise, and being above the neutral zone, we could see a higher peak in this last wave.
If the TIA Coin price exits the channel it’s currently in, the first target for the fifth wave could be $14.5. Subsequently, if the bulls aim for a higher peak, $18.1 seems reasonable. This would roughly translate to a 50% rally.
However, the channel’s resistance trend line will be challenging, and a rejection here could signal the end of the rally. An initial loss of 25% could be observed.
