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Tough times for Celestia! Will bears drive TIA to $1?
Celestia’s price has been plummeting lately, and the bearish trend shows no signs of slowing down. In fact, it is highly likely that the cryptocurrency will continue its downward spiral, potentially reaching a low of $1.
Data from Coinalyze reveals that there has been an increase in short selling, signaling a prevailing bearish sentiment. Additionally, the Funding Rate dropped into negative territory over the past 24 hours, indicating that short positions are currently profitable, further reinforcing this negativity.
The CVD indicator has also shown increased selling pressure, as prices have been steadily declining since mid-May. The A/D and CMF indicators both confirm these findings, highlighting a consistent pattern of capital outflow from the Celestia market.
Furthermore, the moving averages are all bearish, indicating that the momentum is firmly on the side of the bears. With this kind of data, it’s highly likely that the price will break below its local low at $1.31 in the near future, which would further solidify the downtrend and create a strong indication to traders that they should maintain their bearish bias.
In what could be seen as a glimmer of hope for bulls, the 1-month liquidation heatmap does offer some potential resistance around the $1.27-$1.33 zone. However, this area would need to attract significant buying pressure in order to reverse the current downtrend.
Source: ambcrypto.com
