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- 1 TIA price persisted in dragging gains and is riding on a bearish track.
- 2 A falling parallel channel was spotted on the charts, replicating a downtrend.
The TIA token trades in a downtrend and displays a falling channel, consisting of lower low swings for the past trading sessions. The price action of TIA token displays follow on selloff and have eroded 40% of gains in the last 20 trading sessions.
At press time, the Celestia token (TIA) price traded at $9.32 with an intraday drop of 3.22%, reflecting follow-on selling pressure on the charts. It has a monthly return ratio of -35.20% and 222.90% yearly.
The pair of TIA/BTC is at 0.000163 BTC, and the market cap is $1.31 Billion. Analysts are neutral and suggest that the Celestia crypto may continue to drag gains and will underperform in the upcoming sessions.
TIA Token Price Action Reflects Underperformance, What’s Next?
This week, the token depicts follow-up selling pressure, and buyers are trapped. For weeks, sellers have persisted in handling the battle and showcased their domination.
The intraday trading volume jumped over 43.89% to $152.32 million, which signifies selling volume. Furthermore, the trend is bearish; buyers did not attain reversal and stayed on the backfoot.
Per the analysis of technical indicators, 12 indicators have given a sell rating, 9 have given a neutral call, and 3 have given a buy call.
The RSI curve stayed below the midline region, and a positive crossover was noted on the charts. Additionally, the MACD indicator showed a bearish crossover and formed red bars on the histogram.
Price Volatility and Weighted Sentiment Outlook
This week, the price volatility curve spins over 2.20% to 0.023, depicting a nominal selling pressure. Amidst the price correction, the selling volume remained lower.
However, the weighted sentiment looks positive and stayed above the midline near 0.33, signifying investor interest, meaning the short-term trend is bearish. Still, the ongoing correction is a golden buying opportunity from a long-term holding perspective.
Development Activity and Derivative Data Insights
Per the Santiment data, the development activity data looks stable, and the value stayed close to the midline, around 126, signifying neutrality.
However, the derivative data showcased long unwinding data, and the open interest dropped over 3.56% to $88.24 million during the intraday session. Per the Fib levels, the Celestia price trades near the 23.6% support zone and is below the mid-Bollinger Band, directing bearishness.
The total supply of the TIA crypto is 1 billion, whereas the volume-to-market cap ratio is 0.112, ranked 67 in the global crypto market cap.
Summary
The Celestia (TIA) price trades near the demand zone of $8, and a bearish crossover was noted on the charts. For weeks, follow-on selloff and selling pressure remained intact.
Technical Levels
Support Levels: $8.80 and $7.66
Resistance Levels: $10 and $10.60
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
