Celestia’s native coin, Tia, is the top gain of today as the broader crypto market begins a new trading week with positive notes. Altcoin traded at $1.65, up 12% over the past day.
The technical indicators point to strong demand from spot traders and suggest the possibility of a short-term extended gathering. This analysis explains why.
Strong spot demand will skyrocket in tier
With today’s trading session already underway, Tia’s Elder-Ray Index has posted a green histogram bar, indicating the installation of purchase pressures in the market. At the time of writing, this metric tracking buyer and seller strength is 0.150, the highest since May 14th.
The Elder Line Index measures the strength of buyers and sellers by comparing current prices to the index moving average (EMA). When that value is positive, the Bulls (buyers) control the market, and there is upward pressure on the price of the asset.
Traders viewed this as a bullish signal, urging them to accumulate more TIA coins, increasing the upward pressure on their prices.
Furthermore, TIA’s parabolic stop and inverse (SAR) indicator measurements indicate that they formed more dynamic support than the current price level of the coin. Although TIA is trading at $1.64, this indicator forms a price support floor at $1.42, indicating sustained profits from buyers.
The parabolic SAR indicator of assets identifies the direction and reversal of potential trends. When that dot is placed under the asset’s price, it indicates that it is witnessing bullish momentum, and its price could continue to rise if the purchase continues.
Tia Bulls target $2 as momentum increases, but risk remains
Building upward momentum allowed TIA to quickly regain a significant psychological level of $2, if the current trend holds. A break above the $2 price level could pave the way for a further rally heading towards $2.27.
But a bearish shift in market sentiment could negate this bullish outlook. If sales pressure rises and dips are needed, Tier could reduce recent profits and plummet to $1.31.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
