2024-11-8 07:00 |
TIA recently underwent a substantial token unlock, raising concerns over potential price volatility. Crypto analyst Mammon shared a warning about this unlock, predicting a possible downturn due to increased supply.
Despite an initial 30% price drop, the token unlock was absorbed effectively by the market, stabilizing the price and renewing interest in TIA. The strong market response has fueled optimism that Celestia’s (TIA) price may be set for a rebound, with the analyst noting a possible upward trajectory back to its range highs.
The tweet highlights a clean range formation for TIA, suggesting that the price has deviated below the lower boundary and rebounded significantly. This development indicates that buyers have successfully absorbed selling pressure, which could pave the way for a potential price increase if demand remains steady.
Celestia Technical Analysis: Range-Bound Structure and Key Price ZonesAn analysis of TIA’s recent price movements reveals a range-bound structure, defined by clear support and resistance zones. The lower support zone, highlighted in blue on the chart, marks the area where buyers have historically stepped in. After deviating below this support, TIA bounced back, signaling a rejection of lower prices.
On the upside, a red zone indicates resistance, where selling pressure has previously capped price movements. This range provides traders with key levels to watch as TIA’s price action unfolds, with potential pullbacks and higher lows indicating a possible trend continuation.
Image Source: X/Mammon Analyst’s Long Position Setup StrategyThe analyst remains interested in re-entering TIA, targeting a long position if the price revisits the blue support zone with the formation of a higher low. Alerts are set at this key level, with the intention to buy if certain confirmation signals appear. This strategy highlights a cautious but optimistic outlook, relying on a structured approach to confirm market strength before making a commitment.
By setting alerts and waiting for the right market conditions, the analyst aims to minimize risk while capitalizing on TIA’s potential to revisit its range highs. The chart’s volume profile suggests strong liquidity in this range, further supporting a potential upward move if buyers maintain control at lower levels.
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Potential Scenarios for TIA’s Price MovementThe bullish scenario for TIA centers on the formation of higher lows near the blue support zone, which would indicate strengthening buyer interest. If demand sustains at this level, a return to the red resistance zone appears feasible, offering traders an opportunity to benefit from range-bound price action.
Conversely, if TIA’s price fails to hold its support, it may experience further downside, potentially invalidating the bullish case. For now, the market response to the token unlock and the ongoing interest from analysts like Mammon indicate a promising outlook for TIA’s potential to continue its upward journey.
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The post Celestia’s Unlocks Absorbed Well – Will TIA Price Continue to Pump? appeared first on CaptainAltcoin.
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