In a significant technical development, TIA has recently broken down from a rising wedge pattern, indicating a potential bearish reversal in its price trajectory. This pattern, characterized by higher highs and higher lows, often signals a weakening momentum in the market. The source reports that traders should remain cautious as this trend may lead to further declines in the near future.
Rising Wedge Formation
The rising wedge formation had been evident on the 1-hour chart, where TIA faced multiple rejections at the upper resistance line.
Technical Breakdown
The situation escalated when the token fell below the crucial support zone around 115, marking a decisive technical breakdown.
Intensified Selling Pressure
Following this shift, selling pressure intensified, leading TIA to decline towards the 108 region. This raised concerns among investors about further downward movement.
The OM token is currently facing a downturn, with recent trading data showing a decline as it navigates through key support and resistance levels. This situation contrasts with TIA's bearish reversal, highlighting the cautious market sentiment. For more details, see current trading status.
