Celestia (TIA) has been in a bear market lately. This downside pressure has erased all of its weekly gains and places the $1.00 psychological support level in jeopardy. The altcoin is down double digits in the past 24 hours, adding to an ongoing pullback that started Thursday. Technicals imply further downside, with more tumble possible if key support levels are breached.
Technical Overview of Celestia's Downtrend
Celestia’s price action is telling us that this is a clear downtrend, notably focused in its extreme lateralization within a falling channel. This channel is defined by two trendlines: the resistance trendline, connecting the highs of May 14, June 11, and June 25, and the support trendline, connecting the lows of May 17, May 31, and June 22. The resistance trendline as a one-way ceiling had forced back upward breakthroughs, further adding to the bearish bias.
The Relative Strength Index (RSI) for Celestia is currently at 33, just above the oversold level. This positioning means there is a bearish tilt, meaning selling pressure has so far continued to be stronger than buying interest. It was a minor bright spot, with the price slightly increasing on Friday after two days of incredibly painful selling.
Key Support and Resistance Levels
Celestia’s bearish outlook is now focused on the monthly support at $1.31. If we do close below this level, we could be in for a retest of our support trendline. This regression line fits almost perfectly with the $1.00 round number. Any breach of this psychological support may spark additional forced sell-off activity that accelerates the new downward momentum.
The bearish outlook additionally eyeing for 50% Fibonacci retracement level, currently sitting at $1.02. This new level is marked in red, between the year-to-date high and low, ranging from $1.80 down to $0.25. A clear break below the 50% Fibo could open the floodgates for a retest of the monthly low at $0.91. Such a scenario would increase fears among investors.
MACD Indicator Signals Supply Surge
Moving Average Convergence Divergence indicator MACD adds weight to the bearish sentiment talking Celestia down. Likewise, the MACD and signal lines are both dropping toward the zero line. At the same time, the red histogram bars are rising above that same trendline. This trend is a clear sign of increased sales, showing that the sellers have taken control over the market place and pushing the price down.
If bulls can manage a close above the $1.68 weekly high, that would be a sign that momentum is finally shifting. Such a move would definitely reverse the overhead trendline. It would be a huge step in an ongoing direction, toward the $2.30 monthly ceiling. This situation would need a relatively strong increase in buying pressure to build up enough momentum to push past the dominant bearish undercurrents.
