With Bitcoin holding steady at the $43,000 mark and no significant volatility in its chart over the past few days, we offer a market overview for the altcoins Celestia (TIA) and Optimism (OP) as of Friday, February 2.
Celestia (TIA)
Since its listing in early November 2023, TIA has appreciated by 800%, reaching an all-time high of $20.31 on January 15, 2024. In the past few weeks, the asset has seen some correction and is currently trading between the buyer's zone of $13.9–$15.0 and the seller's zone of $17.6–$18.7.
Given the current bullish trend and the absence of significant downturns in its chart, a continuation of growth appears to be the primary scenario for Celestia. Should it manage to sustain above its current resistance zone, the asset could retest the $20.3 level and attempt to surpass its yearly high.
While a drop seems improbable at present, the absence of significant corrections in TIA's chart means a short-term decline remains technically possible. In such an event, the coin could retreat to support levels at $15.82 and the $12–$13 range, presenting an attractive accumulation opportunity for spot trading.
TIA chat on the H4 timeframe
Optimism (OP)
OP has exhibited commendable positive momentum, maintaining its strength even amidst BTC's uncertainty. The coin has corrected by 30% after hitting its annual high of $4.28 on January 12, 2024.
OP is now trading within a local sideways range between the support zone of $2.62–$2.91 and the resistance zone of $3.25–$3.48. The direction of the breakout is likely to be influenced by BTC's movement, given the significant correlation between these assets.
Should the market favor an upward trajectory, the next objective for buyers would be reaching the $3.82 level.Should a downward trend take hold, sellers might push the OP price down toward the next support zone, located within the $2.11–$2.38 range.
OP chat on the H4 timeframe
Weekends typically bring a quieter trading environment in the cryptocurrency market. Given the lack of major economic announcements expected over the weekend, significant volatility on the crypto charts is not anticipated for Saturday and Sunday.
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
