Market
Celestia (TIA) Faces Bearish Pressure Below Key Support Levels
Recently, Celestia has undergone substantial price movements, particularly a sharp 20% decline on Friday, June 7.
This drop saw the price exit the 4-hour Ichimoku Cloud to the downside, breaking through both the 100 and 200 EMA lines.
This analysis will explore the critical support and resistance levels on both the 4-hour and 1-hour charts, offering insights into potential future price actions.
4-Hour Chart Analysis
On the 4-hour chart, TIA’s price highlights several important levels. The $8.00 mark stands out as a critical support point, reinforced by significant trading volume, which indicates strong buyer interest.
The volume profile is an essential tool for understanding where the majority of trading activity has taken place. Based on high-volume price areas, traders can identify significant support and resistance levels.
The volume profile shows a significant concentration of trading activity at this price, indicating strong buyer interest. This suggests that many traders consider around $9.00 to be a fair price, providing a solid base for potential upward movements.
The $9.00 level acts as both a support and resistance zone. When the price drops to this level, buyers step in, considering it a good entry point. Conversely, when the price rises to this level, sellers may take a profit, considering it a reasonable exit point.
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On the resistance side, $9.44 is particularly noteworthy. This level has seen considerable trading activity, suggesting robust seller resistance. Additionally, the $9.94 level marks the upper boundary of the current volume profile range, presenting a formidable resistance point.
This price point has seen considerable trading activity, suggesting strong seller resistance. Additionally, the $9.94 level marks the upper boundary of the current price range, presenting formidable resistance.
1-Hour Chart Analysis
The 1-hour chart offers a closer look at the price movements, especially concerning the Ichimoku Cloud. The price has consistently struggled to break above this cloud, which is a significant resistance area.
This indicates that upward movements are likely to encounter considerable selling pressure.
Support levels on the 1-hour chart include $8.69, providing immediate support as evidenced by recent price action.
The $8.00 level also remains significant, bolstered by the volume profile and previous trading activity. As for resistance, $9.44 continues to be a critical level where the price faces persistent difficulty breaking through.
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Similarly, $9.94 is another strong resistance point, supported by historical price action and trading volume. The 4H-RSI has fallen below 30 and is now recovering to 38, indicating a potential shift in sentiment as the price is considered oversold.
Strategic Recommendations
TIA’s price movement is currently characterized by well-defined support and resistance levels.
The support at $8.00 and $8.69 offers a solid foundation for potential upward trends. Conversely, resistance at $9.44 and $9.94 poses significant obstacles. The 1-hour Ichimoku Cloud adds another layer of resistance, implying that upward movements might face considerable selling pressure.
If TIA’s price can break above the Ichimoku Cloud, it could potentially surge to reach the 100 EMA on the 1-hour chart. Such a breakout would indicate a successful exit from the cloud, signaling a bullish trend. Additionally, the 200 EMA on the hourly chart is another crucial resistance level.
For mid to long-term holders, buying in the $8.90 to $9.00 range could be a wise strategic move, given the current technical indicators and market conditions. Monitoring these key levels closely will be essential to anticipate TIA’s next significant price movement.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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