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Celestia (TIA) Price Breaks Below Long-Term Support, What Next?

The price of Celestia (TIA) has broken down below the long-term support line and the nearest horizontal support zone. It is likely to undergo a correction in the near future.

Long-Term Ascending Support Line

The Celestia (TIA) price has risen along with the ascending support line since it started climbing on November 9, 2023. During this period, the price surged by 853.15%, reaching an all-time high of $21.2 on February 10, 2024.

Subsequently, the price dropped and broke below the ascending support line on February 20, 2024. Breaking such long-term support is a sign of weakness.

Moreover, this move also caused the price to break down below the nearest horizontal support zone at $18.2.

The daily RSI (Relative Strength Index) has created a significant bearish divergence and crossed below 50, indicating that the bears have regained control.

Therefore, the TIA price is likely to decline to the next support zone at $14.2, which is 19.39% lower than the current price.

tia-breakdown
TIA/USDT daily chart . Source: TradingView

Correction Within the Uptrend

Despite the prospect of a price decrease on the daily timeframe, the weekly chart remains optimistic.

This is because the weekly candles over the past 6 weeks have predominantly been bullish with long lower wicks.

The decline remains contained within the breakout candle for the week of January 8 to 14, 2024.

Thus, the current price decline can be viewed as a correction within the overall uptrend.

tia-breakdown
TIA/USDT weekly chart . Source: TradingView

Conclusion

The most likely scenario suggests that the TIA price will decline to the $14.2 zone in the near future. However, this is considered a correction within the overall uptrend.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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