KEY TAKEAWAYS
TIA price jumped 13%, reversing recent losses after Upbit announced its listing with KRW, USDT, and BTC pairs
Celestia’s trading volume exploded from below $70 million to over $165 million, indicating substantial accumulation.
The next target could be close to $3.51, supported by a double bottom breakout and a move above the 20 EMA.
TIA, the native coin of the modular blockchain project Celestia, spiked approximately 13% today. This surge contradicts the Celestia coin price action over the last few days, which saw it drop to $2.32 on Tuesday.
The rally came as the top South Korean exchange Upbit announced it would list it, triggering a sharp increase in trading volume.
With momentum building, what’s next for TIA following this development?
Upbit Listing Spurs Celestia Higher
Two days ago, TIA’s technical setup signaled a potential drop toward its yearly low. However, that outlook quickly changed after South Korean exchange Upbit listed the altcoin.
According to the official statement, Upbit revealed it would list TIA with trading pairs against Bitcoin (BTC), Tether (USDT), and the Korean Won (KRW). The exchange also confirmed listing identical pairs for the decentralized GPU project token, io.net (IO).
Following the announcement, the Celestia coin price broke out of the falling channel that had persisted on the 4-hour chart. The price surge also triggered a change in the position of the Awesome Oscillator (AO).
On Wednesday, May 7, the AO, which measures momentum, was in the negative territory. As of this writing, the indicator’s rating has climbed to 0.112, indicating bullish momentum around the cryptocurrency.
Should this trend continue, TIA’s price will likely climb past the resistance at $2.79 as long as the support at $2.39 holds. On the same chart, CCN observed that the Elder Force Index (EFI), which measures buying and selling pressure, has spiked.
Trading Volume Spikes, Volatility Low
This spike suggests a notable accumulation of TIA, which could help sustain the ongoing upswing. As is often the case with Upbit listings, the cryptocurrency saw a sharp increase in trading volume, further supporting the price rally.
Earlier today, TIA’s trading volume was less than $70 million. But at press time, alongside the Celestia coin price increase, the volume has soared above $165 million.
From a trading point of view, if the volume continues to rise with the price, then TIA could be in line for an extended rally.
We also examined the volatility around the altcoin. According to Glassnode data, Celestia’s two-week realized volatility has dropped to 54.41% from 70% on Tuesday.
Unlike implied volatility, realized volatility looks at the standard deviation of returns over a given time frame. A high reading of the metric indicates potential large swings and instability around the price.
On the other hand, a low realized volatility reading indicates potential stability. When combined with the price, a rising realized volatility and falling price indicate a possible correction.
But since the metric around TIA fell amid a price increase, it indicates that the uptrend has the potential to continue.
TIA Price Analysis: Losing Streak Over
The daily chart shows that the Celestia coin price surge came after the altcoin formed a double bottom pattern. The double bottom formation is a bullish reversal pattern.
Hence, TIA’s price will likely continue climbing, especially as it has risen above a key Exponential Moving Average (EMA). As of this writing, TIA has surged past the 20 EMA (blue), indicating strong support for the uptrend.
Also, the reading of the Bull Bear Power (BBP) has flipped to the positive region. If sustained, this could drive the altcoin’s market value toward the 0.618 golden ratio at $3.51.
However, if bears overpower buying and trading volume drops, TIA’s price might slide under the 20 EMA. Should that be the case, the cryptocurrency might drop to $2.15.
