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Tough times for Celestia! Will bears drive TIA to $1?
Celestia [TIA] has been experiencing a bearish trend since mid-May, and the momentum is expected to continue, with prices potentially plummeting to as low as $1. The recent price action has led to an increased short selling, which suggests that bearish sentiment is prevalent in the market.
Data from Coinalyze shows that the Open Interest surged higher while TIA prices were falling over the past couple of days, indicating a significant amount of short selling. Additionally, the Funding Rate dropped into negative territory, revealing that short positions were paying longs on June 30th, further emphasizing the bearish market sentiment.
Furthermore, the spot CVD has been in decline, indicating increased selling volume. The 1-day chart illustrates that this bearish pressure is not an isolated phenomenon. TIA has been falling since mid-May and has not shown any signs of reversal.
The A/D indicator has followed the price’s downtrend, suggesting persistent selling volume, while the CMF corroborated this finding by consistently reading below -0.05, signaling significant capital outflow from the TIA market. The moving averages also agree that the momentum is firmly bearish.
Analyzing the price action, it appears likely that the local low at $1.31 will be broken soon. If this occurs, it would mark a bearish market structure break and indicate that the downtrend continues.
The 1-month liquidation heatmap does offer some hope for TIA bulls. The $1.27-$1.33 zone has liquidity clustered in that region, which could potentially attract buyers and reverse the trend. However, the steady unlocks of 995k TIA per day and the already existing sell pressure do not suggest that this is likely to occur soon.
As such, traders and investors should maintain their bearish bias.
Source: ambcrypto.com
