Celestia's Doom Approaches: Technical Signals Point to Price Plunge

Celestia (TIA) is currently trading at $13.65, with a potential for further losses to $5.5 due to a bearish technical formation known as a rounded top. Technical indicators suggest that bears are in control, with major moving averages acting as resistance and the relative strength index indicating seller dominance. A bearish breakout from the rounded top could lead to a 60% correction to the support level of $5.4. However, if TIA can move above the 100-day EMA at $14.3, it could rally to $16 and potentially attempt a return to its previous all-time high of $21.14.

Celestia Price Plunge Looms: Technical Analysis Signals Dire Consequences

The Celestia (TIA) token has been languishing in a bearish quagmire, its value hovering around $13.65 with minimal fluctuations in the past 24 hours. This sideward movement has persisted since Monday last week, casting a shadow of doubt over the token's future trajectory.

A worrying trend has emerged in the trading volume, which has witnessed a 3.5% decline to settle at a meager $90 million. This dwindling interest among traders further underscores the bearish sentiment engulfing Celestia. Despite its $2.36 billion market capitalization, the token languishes at position 53 in the CoiMarketCap rankings, a testament to its dwindling stature.

Technical analysis paints a grim picture for Celestia, with the formation of a bearish technical pattern threatening to send the token spiraling downward. The rounded top pattern that has emerged since December 19, 2023, and March 25 is a harbinger of further losses.

The rounded top pattern is characterized by a series of higher highs followed by a reversal to lower highs and lower lows. This bearish setup indicates that the bears are firmly in control and that further declines are imminent.

Exacerbating the bearish sentiment is the downward trend in all major moving averages, including the 100-day, 50-day, and 20-day EMAs. These moving averages, once seen as support levels, have now become formidable barriers to Celestia's recovery.

The relative strength index (RSI), a measure of price momentum, adds further weight to the bearish outlook. The RSI currently resides in negative territory, hovering around 40. This indicates that sellers are still firmly in control of TIA's price action.

Given these unfavorable technical indicators, it is highly probable that Celestia's price will retest the $13.0 psychological level or even plunge to the $11.85 neckline of the prevailing chart pattern. A daily candlestick close below the neckline would confirm a bearish breakout from the rounded top, thereby projecting a precipitous drop toward the $5.4 support floor.

Such a move would represent a staggering 60% correction from the current level of $13.65, a catastrophic blow that would send shockwaves through the crypto community.

However, all is not lost for Celestia. There is still a glimmer of hope if the token can defy the bears and produce a daily candlestick close above the 100-day EMA at $14.3. Such a move would signal a shift in momentum and could trigger a rally toward $16.

If the momentum persists, Celestia's price could surge toward its all-time high of $21.14, representing a remarkable 54% rally.

In conclusion, Celestia's technical analysis paints a dire picture, with a bearish outlook that threatens to send the token plummeting to $5.5. However, a bullish breakout above the 100-day EMA offers a glimmer of hope that the token can defy the odds and regain its lost glory.