Bullish Outlook for TIA (Celestia) Despite $20.4 Resistance, RSI Indicates Upward Trend
Why are TIA forecasts optimistic despite no breakthrough at $20.4?
Despite the fact that the price for TIA (Celestia) has so far been unable to break the $20.4 mark, forecasts remain optimistic. But how can this be explained?
The current situation of TIA
In recent days, TIA has been able to record a price increase of 20% and the market structure has developed positively. Although the buying pressure is not yet strong enough to break through the resistance zone of $20.4, this could change in the coming days.
The idea of a price range
The region from $13.87 to $20.4 has been identified as a possible price range. A retest of the upper limit of this range and a subsequent rejection could confirm this idea. However, even without a retest, the price’s reaction to the middle of the range at $16.84 could provide a clue. In the past two weeks, this mark has served as both support and resistance.
The technical indicators
In addition to the bullish market structure, the RSI (Relative Strength Index) also indicates that the upward trend is gaining strength. However, the OBV (On Balance Volume), an indicator of trading volume, does not show a clear trend. If the OBV does not rise above the highs reached in mid-January when the TIA price reaches the $20 mark, this could be a sign that prices will fall again.
The speculations
Despite the negative financing rate, speculators are willing to take long positions, indicating a bullish mood. However, the CVD (Cumulative Volume Delta), an indicator of trading volume, is currently showing a decline. Overall, the lack of buying pressure suggests that TIA may struggle to exceed the $18.5 mark unless the OI (Open Interest) or the CVD change their course and rise.
Disclaimer
The information provided does not constitute financial, investment, trading or any other type of advice and is merely the author’s opinion.
You should read that too:
Sources: TradingView, Coinalyze
Advertising transparency