Here’s Why Bittensor (TAO) and Celestia (TIA) Prices Are Pumping: Major Resistance Could Shorten Rallies
The price of Celestia’s TIA spiked by more than 25% yesterday after it stopped declining four days ago. Following this, the price traded sideways for three days before eventually picking up yesterday.
The initial break from the bearish move coincided with the time Bitcoin and many other altcoins started to recover following a week-long dip. The positive market sentiment could have affected Celestia’s TIA as well, halting the bearish sentiment around it.
Following that, the market entered an accumulation mode. The sideways trading that followed could have made some buyers more confident, increasing the buying pressure and pushing the price up.
However, the buy pressure may be short-lived since the price is currently below a bearish trendline, which has been a resistance to its further growth since February. The price may only retrace up to that point before it continues to fall. However, a break above the trendline should be seen as a strong bullish sign.
Read Also: SUI Price Among Top Crypto Gainers – $2 Target Next?
Bittensor’s TAO Following a Similar Path
Bittensor’s TAO has also followed the same path. It started to recover four days ago, obviously following the trend of the general crypto market.
The price of TAO, however, has reached a major resistance at the trendline that has been stopping further price growth since April. Until the price breaks out of the trendline resistance, we won’t expect any major price increase from TAO.
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