Celestia (TIA) is in a good position for a bullish run, analyst points out.
On Friday (June 6), analyst Adam Mourad presented a detailed technical analysis of the cryptocurrency Celestia (TIA), highlighting the strong bullish momentum the coin has been exhibiting.
Despite facing resistance from key technical levels, Mourad believes that TIA has the potential to overcome these barriers and reach new heights.
According to Mourad, the price of Celestia (TIA) is encountering rejection at the upper edge of the daily Ichimoku Cloud. The Ichimoku Cloud is acting as 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.
Currently, the price is around $10.73, indicating difficulties in breaking through 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 lead the price to test the 200 EMA and potentially surpass the Ichimoku Cloud, signaling a bullish momentum," Mourad emphasized.
Celestia (TIA) Analysis
The price of TIA has recovered 46% since the local low of $7.30 established in mid-April, demonstrating strong bullish momentum. However, despite this recovery, the price is still struggling to break through the Ichimoku Cloud and the 200 EMA on the 4-hour chart, indicating significant resistance at these levels.
"Areas of lighter volume indicate lower trading activity, which, due to lower liquidity, often leads to faster price movements through these levels," Mourad observed.
On the 4-hour chart, Celestia is displaying a bullish sentiment in the short term, with the price finding strong support at the lower edge of the 4-hour Ichimoku Cloud.
Mourad concludes that if Bitcoin reaches a new all-time high in the medium term, TIA's bullish movement should continue, potentially driving the price to $11.50. Medium-term resistance remains at the 100 EMA at $12.03.
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