Celestia’s native token, TIA, is facing strong selling pressure after failing to break above a crucial resistance level at $2.16, according to market analyst Michaël van de Poppe.
The asset has slipped to $1.65, marking a 6.3% daily decline and over 9% loss on the week. With a market capitalization of just above $1.2 billion, TIA now ranks as the 70th largest cryptocurrency.
Van de Poppe highlighted that the rejection at $2.16 was a typical profit-taking event but left the token struggling to regain momentum. He outlined two potential scenarios for TIA going forward.
In the first, a higher low could be established, paving the way for another attempt to challenge resistance. In the second, a double bottom pattern may emerge, potentially sparking renewed buyer interest and increased volume to drive a breakout.
Despite the recent downturn, Van de Poppe suggested that the market might still be in an accumulation phase, with lows being formed before a possible recovery. He emphasized that altcoins, including TIA, could see stronger performance once broader market conditions stabilize.
For now, TIA continues to trade in a bearish range, with traders closely monitoring whether it can hold above its current levels or risks another retest of lower support zones.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.