Analyst Adam Mourad presented this Friday (06), a detailed technical analysis of the Celestia cryptocurrency (TIA), highlighting the strong upward momentum that the currency has exhibited.
Despite facing resistance from key technical levels, Mourad believes TIA has the potential to overcome these barriers and reach new heights.
According to Mourad, Celestia (TIA) price is facing rejection at the upper border of the daily Ichimoku Cloud. Thus, the Ichimoku Cloud is acting as a resistance, with the price struggling to break above it. Additionally, the 100-period exponential moving average (100 EMA) at $12.03 is also serving as a medium-term resistance level.
He points out that the price is currently around US$10.73, indicating difficulties in breaking both the Ichimoku Cloud and the 200 EMA.
“The current level of $10.73 is below the 100 EMA, suggesting resistance at $12.03. A successful breakout above the 100 EMA could see the price test the 200 EMA and potentially surpass the Ichimoku Cloud, signaling bullish momentum,” Mourad highlighted.
Celestia (TIA) Review
TIA price has recovered 46% from the local low of $7.30 set in mid-April, demonstrating strong upward momentum. For the analyst, despite this recovery, the price is still struggling to break the Ichimoku Cloud and the 200 EMA on the 4-hour chart, indicating significant resistance at these levels.
An analysis of trading volume highlights areas around $10.50 and $12.00 with higher trading volumes. This suggests that these levels are critical points where buyers and sellers have been most active, providing strong support and resistance zones.
“Areas of lighter volume indicate lower trading activity, which, due to lower liquidity, often leads to faster price movements through these levels,” Mourad noted.
He also points out that on the 4-hour chart, Celestia is exhibiting near-term bullish sentiment, with the price finding strong support at the lower border of the 4H Ichimoku Cloud.
The analyst concludes that if Bitcoin reaches a new all-time high in the medium term, TIA’s upward movement should continue, potentially taking the price to $11.50. Medium-term resistance remains at the 100 EMA at $12.03.
“Considering the resistance faced at the daily EMAs, investors should closely monitor these levels to make informed decisions,” advised Mourad.
Source: https://www.criptofacil.com/celestia-tia-esta-em-bom-momento-para-alta-aponta-analista/
