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Tough times for Celestia! Will bears drive TIA to $1?
It appears to be a bleak future ahead for Celestia (TIA) as it faces a bearish trend that may very well push the token’s price down to a staggering $1. The psychological round number support at this point is drawing near, with prices already having dropped by an alarming 12% since trading opened on June 30th.
According to data from Coinalyze, over the past couple of days, there have been periods where Open Interest skyrocketed even as TIA’s price plummeted. This suggests that short selling has become increasingly prevalent, further reinforcing bearish sentiment in the market. Furthermore, the Funding Rate dipped into negative territory within a 24-hour period, indicating that short positions were actually paying longs on June 30th – a clear indication of widespread pessimism.
The CVD (Cumulative Volume Delta) is also contributing to the bleak outlook for TIA investors. As it continues its downward trend over the past month, it’s become increasingly apparent that selling volume has been growing. This information paints a grim picture for those holding onto TIA tokens.
As the 1-day chart clearly illustrates, the bearish pressure bears (no pun intended) down on the token is not an isolated incident. In fact, this downward trajectory can be traced back to mid-May, with our indicators such as the A/D indicator and CMF corroborating the notion that the momentum has firmly shifted towards the bears.
The local low of $1.31 appears likely to be breached in the near future, leading to a bearish market structure break should this occur. This would signify to traders and investors alike that the downtrend is not only alive and well but also gaining strength.
However, some may hold onto the hope that the $1.27-$1.33 liquidity cluster could potentially turn the tide in TIA’s favor once it’s breached. Unfortunately, available data does not suggest this will be the case anytime soon, with the steady unlock of 995k TIA tokens daily serving as a clear deterrent to any potential buyers.
As such, at present, there appears little evidence to suggest that the selling pressure currently driving the market will be reversed in the near future. Therefore, traders and investors are well advised to maintain their bearish bias when it comes to Celestia’s price action going forward.
Source: ambcrypto.com
