■ Celestia price set up an ATH on February 10 at $21.16 and has been descending since.
■ The recent 37% crash betwene March 13 and 19, has put the bullish trend in question.
■ A breakdown of $11.74 could lead to a steep 22% correction to 9.14.
Celestia (TIA) price shows a slowdown of the bullish momentum after forming an all-time high (ATH), and suggests a potential reversal. If Bitcoin triggers a sell-off, it could kickstart another correction, TIA is most likely to follow its lead.
Celestia price ready to shed weight
Celestia price action between January 3 and March 19 has formed a rounded top with a string of higher highs preceding the ATH of $21.16 on February 10 and subsequent lower highs to date. In forming the rounded top, which is a bearish setup, marked a key development due to two reasons:
Celestia price crashed 37% and tagged the $11.74 support level, which formed the base at the start of the rounded bottom on January 3.
The sudden sell-off between March 13 and 19, resulted in a breaching the $15.14 support level, which has created the first lower low on a high timeframe outlook. This bearish shift in market structure hints at a sustained downtrend, especially if BTC continues its descent.
Therefore, Celestia price could see a retest of the $10 psychological level or the low volume node at $9.14. This move would constitute a 22% correction from the current level of $13.18.
TIA/USDT 1-day chart
On the other hand, if Bitcoin price switches up the bearish outlook and triggers a reclaim of the $70,000 psychological level, it could change the altcoin market dynamics. In such a case, if Celestia price bounces off $11.74 support level and produces a higher high above $20.33, it would create a higher high and invalidate the bearish outlook.
This development could see Celestia price attempt 23% rally and set up a new all-time high of $25.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
