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Celestia’s TIA token was trading in a sustained downward trend and exhibited sharp turbulence in the past few weeks. The current state of TIA observed a bearish bias and hovered close to the 52-week low region.
Interestingly, the intraday price behavior shocked the bears. Despite the broader market selloff, the TIA token price remained in the green throughout the day. It experienced significant buying pressure, which influenced the possibility of an upcoming reversal.
Notably, the short-term trend was still bearish, and the token sailed below the key moving averages. Amidst the significant bounce last week, the token failed to sustain gains above the $7 mark and faced rejection.
It has been in an overall bearish trend and continued to form the lower low swings. Bulls tried to capture the 100-day EMA mark for the last three months but failed and remained below it. This conveyed the sellers’ dominance.
Recently, the price saw a successful bounce from the $4.20 mark. That was accompanied by a hammer candlestick with a volume spurt, which led to a significant pullback. Despite the rebound, the token failed to sprint ahead and returned to the origin.
How is the Celestia (TIA) Price Doing?
When writing, the Celestia token was trading at $5.36 with an intraday surge of 2.30%. This reflected a slight bull move. Its trading volume rose over 39.20% to $110.12 Million.
Moreover, the pair of TIA/BTC was noted at 0.0000868 BTC, and the market cap was $754.59 Million.
Celestia Price Under Bearish Influence: What’s Next?
Over the past three months, the Celestia token price has traded on a backfoot and continued to lose the gains.
Despite the significant dead cat bounces happening in the middle, sellers remained resilient and continued to dominate the battle. It resulted in a sustained downtrend.
The RSI was close to slipping below 40, suggesting that the TIA could soon be oversold and lose more gains ahead.
Its price action conveyed bearish sentiments, and sellers continued to make short positions, which led bulls to struggle.
@HmzCharts, in his tweet, mentioned that TIA is hoping for a bounce and can see a revival soon.
$TIA
— Hmz (@HmzCharts) August 2, 2024
Run it back turbo pic.twitter.com/1mdUN4EgUa
Successfully breaking through the $7 mark could pave the way for a potential reversal toward the $9 mark in the short term.
The Funding Rate Observed a DownTick
The Funding Rate can be described as the premium between the price in the contract and the spot price.
Values above zero signified that traders expect the price to rise, hence a bullish trend. Conversely, values below zero indicated that the asset’s price is trading below the spot price and thus bearish.
The TIA token’s funding rate looked dragged below the zero line at press time. It was noted at -0.061%, which assumed the indication of a bearish move.
In contrast, the Open Interest data noted a surge of over 5.26% to $122.84 Million in the past 24 hours.
Bulls should maintain their presence around the key support of $5 for a significant bounce back ahead. Failing to do so would retest the next support zone of $4.40, followed by the $4 mark in the short term.
Conversely, if the token obtained a bounce, it could resist the $7 level. The next resistance would be around the $7.40 mark, where a strong seller’s grip is placed.