Investors are encountering difficult times as Bitcoin (BTC) saw accelerated sell-offs on the second business day of the week, leading to rapid losses. Market participants are placing their focus on tomorrow’s Federal Reserve meeting, yet the latest data has not provided much optimism, resulting in new local dips being tested by altcoins.
What Is the Latest on TIA Coin?
Friday signaled a significant drop for Celestia (TIA) Coin, resulting in losses exceeding 20%. Altcoins attempted resistance tests as BTC closed higher but have now retreated to support levels. The market has not yet reached its most active days for altcoins, and BTC does not appear to have hit its cycle peak. Therefore, the current period sees BTC declines heavily impacting altcoins.
Currently, TIA Coin is hovering around $8.4, with the main support on the four-hour chart at $8. TIA Coin bulls are maintaining this, and the volume profile shows strong trading activity recovery, pegging $9 as a fair value. This level has historically acted as both support and resistance and currently serves as a resistance zone.
Will TIA Coin Reclaim Its Support?
Recently, the support level for TIA Coin was lost, but it may fight to reclaim this as support if BTC prices allow. If successful, the next targets will be $9.44 and $9.94. Once the top resistance of the price range is surpassed, the rally is expected to gain momentum.
Investing Insights
– If the TIA Coin reclaims the $9 threshold, it will likely see an upward trend.
– Buyers may step in with volume if TIA falls to its base support at $8.
– The $8.9 to $9 range is considered a logical buying zone for medium to long-term investors.
For a genuine upward attempt, reclaiming the $9 threshold is crucial. Fed Chairman Powell’s statements or positive surprises in members’ three-year interest rate forecasts tomorrow might trigger a bounce from support. However, market negativity is expected until the release of May inflation data near the opening of U.S. markets. Favorable inflation data could create a relatively good environment until the Fed’s statements, but adverse data will increase the level of fear in the market.