Nov 25, 2024
Celestia (TIA) has made a significant move by breaking out of its descending channel and surpassing the key resistance level of $7.34. This breakout has sparked bullish sentiment, with traders now eyeing $12.08 as the next target. $TIA
The token has surged by 16.28%, trading at $7.34 at the time of writing, alongside a remarkable 152% increase in 24-hour trading volume, which now stands at $1.28 billion. The market is keenly watching to see if TIA can maintain this momentum.
$7.34 Resistance Broken: A New Rally Emerges
TIA’s breakout above $7.34 marks a critical turning point, signaling a potential trend reversal after months of being confined within a descending channel.
The next major resistance lies at $12.08, and if the bullish momentum continues, it could be within reach.
Additionally, TIA’s market cap has climbed by 16.9% to $3.14 billion, reflecting renewed investor confidence. Holding above the $7.34 level could solidify this breakout and pave the way for continued gains.
Social Dominance Drives Momentum
TIA’s rising social dominance highlights its growing prominence in the crypto community. Social engagement metrics show an increase from 0.137% to 0.211% within a day, indicating heightened interest.
This uptick in attention often correlates with increased trading activity, which can further fuel upward price momentum. If this trend continues, community interest could act as a catalyst for TIA to achieve the $12.08 target.
Liquidations Reflect Bullish Pressure
Liquidation data from November 24 reveals strong bullish pressure, with $1.19 million liquidated, of which $605,000 were short positions.
This clearing of short positions has added fuel to the rally, invalidating bearish bets and underscoring the strength of the buying pressure. Sustaining this momentum will be crucial for TIA’s upward trajectory.
Open Interest Signals Growing Confidence
Open interest in TIA Futures contracts has surged by 21.19%, reaching $373.91 million. This rise reflects growing market participation, as traders increasingly position themselves to benefit from the ongoing rally.
Higher open interest often complements bullish moves, signaling increased confidence in the upward trend and supporting the case for further gains.
Conclusion: Is TIA on Track for $12.08?
TIA’s breakout above $7.34, combined with rising volume, growing social engagement, and increased open interest, points to strong bullish momentum.
As long as the token holds above the critical $7.34 level, the $12.08 target remains achievable. With growing market confidence, Celestia appears well-positioned for further upside in the coming days.