Celestia (TIA) Slows Down The Rally, Is It A Good Investment Now?
The post Celestia (TIA) Slows Down The Rally, Is It A Good Investment Now? appeared first on Coinpedia Fintech News
Celestia is the world’s first modular blockchain that helps build new blockchain services and is on the green side today. TIA Coin price had an impulse surge of 17% in the past 24 hours with the price at the time of writing sitting at $11.39. Accompanied by the massive volume rise of 232%, bringing marketcap 2.1 billion ( 15% up).
This bullish price action is due to 3 possible scenarios. A 31% surge was seen in TIA’s total open interest from $110.3 million to $157.71 million in just 24 hours. This reveals the increased buying interest among investors, leading to increased liquidity.
Also, TIA experienced a surge in’ The total funding rate’ from 0.005% to 0.011% in 24 hours, as traders are willing to pay a premium to maintain their long positions.
Additionally, a report from Santimented reveals that over 80% of the uptick was seen in social media conversations about TIA, resulting in increased hype and investor confidence.
TIA Slowed Down The Uptrend
Celestia price rally triggered a bullish wave among investors resulting in high volatility and increased accumulation. But, the price faced rejection again to move above $12, which is a long-time resistance zone for TIA.
After falling from its ATH of $21.61 on Feb 10, Celestia has made swings with a downtrend but maintained a range between $8 to $12 since April. TIA Price action is not breaking the zone of $8 to $12 despite different market trends is a concern for investors.
Techichals and Indicators are all Bulish for TIA
All the Indicators and Technicals for TIA have a bullish trend for TIA as long as the price is maintained above the support level of $10.11. The first target to break resistance at $11.11 was achieved, and the next resistance breakout buyers target is at $11.94 or $12.
The price is moving above all the moving averages in SMA and EMA and RSI at 68 is holding the volatility. The On balance volume (OBV) Indicator shows a short dip in volume, indicating distribution happening near $12.
On the other Bitcoin is struggling to reclaim the $70,000 mark, on doing so altcoin dynamics will also be changed. If that happens, Celestia (TIA) wll break above $12, and that wil influence an upward rally toward $13.5 and $15 resistance levels.
Traders must closely watch $11.94 to enter the trade and wait at the $10.19 zone, if a break out below this happens it may lead to painting more red candles.
The Current fundamentals and Technichals show a strong bullish trend accompanied by short corrections.
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