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After a sharp drop below $10, Celestia (TIA) bounced back with two strong bullish candles on the four-hour timeframe. This saw TIA rise from $8 to the $11 price zone before its failure to cross the selling resistance at $11.8.
A further price correction at the $11.8 resistance saw TIA drop again but buyers held strong at the $9.3 support level to maintain the price rebound. With TIA currently trading at $10.1, can buyers sustain the growing buying pressure to scale the price hurdle at $11.8?
Price Action at $10 Offers Buying Opportunity
The price rejection at $11.8 and subsequent rebound at the $9.3 support level opened a good trading opportunity for TIA longs.
With the Moving Average Convergence Divergence (MACD) staying bullish, buyers can look to go long from the $10 psychological price level. The first target will lie at $12, just a little above the $11.8 resistance level.
If the buying pressure is strong enough, buyers can push on for more gains to the $14 - $15 price level. Buying from the $10 price level also insures buyers from potential drawbacks with the $9 level a good area to dollar cost average (DCA) if price dips further.
A drop below $8 will invalidate the bullish thesis and could see TIA stay in the single digit price zone until the market experiences a full recovery.
A look at the liquidation data for TIA across major exchanges showed that more shorts were liquidated over the past four hours than longs. This hinted that longs could be gaining the ascendancy in the short term outlook for TIA.
Combining the spot and futures market data, TIA should register an additional 10% - 15% pump in the short term.
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.
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