Celestia [TIA] has performed well over the past week and traders expect this trend to continue next week. AMBCrypto’s analysis of the liquidation chart suggests that a small price drop could be in the cards over the weekend.
The higher timeframe charts show bearish momentum, but the increase in volume suggests a growing bullish conviction. Based on the available evidence, the price could rise to $8.
100% Fibonacci retracement level defense triggers sharp rally
The most recent lower high was $6.194. On September 19, TIA reached $6.498 but failed to close above $6.194. This means that there is no bullish reversal in the market structure.
Judging from the increase in trading volume over the past few days, it seems to be only a matter of time. Correspondingly, OBV has also risen above the local high in August. This suggests that the price will soon follow up and break through the $6.2 resistance area.
The 20 and 50 period simple moving averages show bearish long-term momentum as they have not yet crossed. The price of Celestia cryptocurrency has broken above both moving averages, indicating bullish short-term momentum.
Target of current impulse rebound
The rapid surge in Celestia cryptocurrency has lasted for ten days in the past, with most of the gains occurring in three days. The liquidation heat map shows that $7 and $8 are the next magnetic zones.
The price is attracted to these liquidity pockets and could see a bearish reversal. Due to the volume in the past few days, it seems likely that TIA will continue to rise towards the $8 mark instead of facing rejection at $7.
AMBCrypto analyzed the Liquidation Levels chart to see if traders should expect short-term price volatility. It appears that they should be wary of falling prices because the Cumulative Liquidity Level Delta is positive.
Excessive long positions may drag the price down, thereby closing out the late longs. The liquidity level chart shows that $5.8 and $5.6 are short-term support levels, where the decline may end and the Celestia cryptocurrency will continue to rise.
