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- Celestia price set up an ATH on February 10 at $21.16 and has been descending since.
- The recent 37% crash betwene March 13 and 19, has put the bullish trend in question.
- A breakdown of $11.74 could lead to a steep 22% correction to 9.14.
Celestia (TIA) price shows a slowdown of the bullish momentum after forming an all-time high (ATH), and suggests a potential reversal. If Bitcoin triggers a sell-off, it could kickstart another correction, TIA is most likely to follow its lead.
Also read: Celestia price could dip before TIA rallies 40%
Celestia price ready to shed weight
Celestia price action between January 3 and March 19 has formed a rounded top with a string of higher highs preceding the ATH of $21.16 on February 10 and subsequent lower highs to date. In forming the rounded top, which is a bearish setup, marked a key development due to two reasons:
Celestia price crashed 37% and tagged the $11.74 support level, which formed the base at the start of the rounded bottom on January 3.
The sudden sell-off between March 13 and 19, resulted in a breaching the $15.14 support level, which has created the first lower low on a high timeframe outlook. This bearish shift in market structure hints at a sustained downtrend, especially if BTC continues its descent.
Therefore, Celestia price could see a retest of the $10 psychological level or the low volume node at $9.14. This move would constitute a 22% correction from the current level of $13.18.
TIA/USDT 1-day chart
On the other hand, if Bitcoin price switches up the bearish outlook and triggers a reclaim of the $70,000 psychological level, it could change the altcoin market dynamics. In such a case, if Celestia price bounces off $11.74 support level and produces a higher high above $20.33, it would create a higher high and invalidate the bearish outlook.
This development could see Celestia price attempt 23% rally and set up a new all-time high of $25.
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