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Tough times for Celestia! Will bears drive TIA to $1?
The cryptocurrency market is facing a tumultuous time for Celestia (TIA) as its price has been plummeting, casting a shadow over the future prospects of this altcoin. The bearish sentiment that has taken hold seems to be gaining momentum, which could potentially push the price to $1.
Since the trading session opened on June 30th, TIA’s value has decreased by an astonishing 12%. This downward spiral may lead it towards the psychological round number support at $1. Celestia’s bearish trend since mid-May has only added fuel to the bears’ fire, and it appears that there is little hope for a reversal anytime soon.
Coinalyze data reveals that the Open Interest witnessed periods of significant surges when TIA prices were in decline over the past couple of days, indicating substantial short selling activity. Furthermore, the Funding Rate dropped into negative territory on June 30th, which signaled a bearish market structure. The fact that it has since rebounded above zero does little to alleviate concerns.
The A/D indicator and CMF (Chaikin Money Flow) have been in sync with TIA’s price action over the past few days, suggesting persistent selling pressure. This downward trend has also been accompanied by a consistent reading below -0.05 from the CMF, which represents substantial capital outflow from the market.
The moving averages further reinforced this bearish momentum, giving little cause for optimism in the short-term. It appears that the recent local low of $1.31 is at risk of being breached, signifying an even more intense downtrend if achieved.
However, there was a glimmer of hope observed in the 1-month liquidation heatmap, which displayed a clustering of liquidity within the $1.27-$1.33 zone. This could potentially attract selling pressure that may lead to a reversal. Nevertheless, it is essential for investors and traders to recognize that this scenario is not likely to unfold in the near future.
As TIA continues its downward trajectory, the daily unlocks of 995k tokens, combined with existing sell pressure, fail to inspire confidence in an impending turnaround. Based on the current data, it seems reasonable to maintain a bearish stance for Celestia (TIA).
Source: ambcrypto.com
