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Celestia (TIA) Drops to $1.62 After Failed $2.16 Breakout Triggers Selling Wave
In a sudden and unexpected turn of events, Celestia’s (TIA) price has plummeted to $1.62, marking a significant 6.3% decline from its earlier resistance level at $2.16. The sudden sell-off is attributed to the failed breakout attempt, which has triggered widespread profit-taking among traders who had positioned themselves for an upside breakout.
Despite the Celestia Foundation’s recent token acquisition of $62.5 million worth of TIA tokens from Polychain Capital, involving a substantial 43.45 million TIA tokens, the market has responded with continued selling pressure. This lack of price appreciation is in stark contrast to the anticipated positive sentiment surrounding this transaction.
The cryptocurrency’s Relative Strength Index (RSI) reading of 39.84 indicates that TIA is approaching oversold territory, although it has yet to reach the traditional 30 level typically indicative of potential reversal conditions. The TIA/USDT pair currently trades below all major moving averages, with SMA 7 at $1.79 and SMA 20 at $1.93 serving as immediate resistance levels.
Furthermore, Celestia’s position relative to its 200-day moving average at $2.77 poses a significant risk of further breakdowns, representing an astonishing 71% discount from this long-term trend indicator. The MACD histogram displays a reading of -0.0528, reinforcing the notion that bearish momentum remains intact.
The Stochastic indicators paint a more dismal picture, as TIA’s %K and %D levels sit at 8.41 and 6.32, respectively, suggesting an extremely oversold condition on a short-term basis. The Bollinger Bands analysis reveals that TIA trades near the lower band at $1.59, with its current price representing just 4.31% of the band’s width (%B position: 0.0431). This extraordinary positioning often precedes either a bounce or further breakdown.
As it stands now, Celestia faces immediate resistance at $1.68, which aligns with today’s session high, and more critical support levels lie at $1.56, corresponding to the current session low, as well as the far-off support zone at $1.31, representing a perilously close 52-week low of $1.35.
In conclusion, Celestia’s (TIA) price continues to be dominated by technical selling pressure following Monday’s failed breakout attempt at $2.16, which has triggered a significant sell-off.
Source: Blockchain.News
