Celestia’s (TIA) price has been experiencing macro consolidation since mid-June, with recent price action reflecting a complex situation. Despite the altcoin’s 11.8% rise, trading at $5.39, Celestia is facing a challenge to break past the $6.00 mark.
While some anticipated an upward movement, the likelihood of TIA breaching $6.03 seems low, given the current market conditions and sentiment.
Celestia Investors Are Skeptical
Market sentiment surrounding Celestia is leaning towards bearishness, as evidenced by the negative funding rate. This metric shows that short contracts dominate the futures market, signaling that traders are betting on a price decline. Investors seem to be positioning themselves for a drop in value, further reinforcing the idea that TIA may struggle to maintain its recent gains.
Additionally, the negative funding rate serves as an indicator of growing pessimism among traders. The expectation of a decline has pushed investors to take short positions, anticipating a potential pullback. As the market awaits further confirmation of the bearish outlook, TIA’s upward trajectory appears at risk of reversal.
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Celestia’s macro momentum also points to bearish trends. The Chaikin Money Flow (CMF) indicator reveals that investors are steadily withdrawing funds from the altcoin.
This movement suggests a lack of confidence in TIA’s price stability as holders look to offset potential losses. The outflow of capital is a concerning sign for any possibility of sustained price recovery.
The CMF indicator, showing a decrease in investment, indicates that many TIA holders are cutting their positions. This trend undermines the potential for a meaningful rally, as it signals that traders are opting for safer assets or are awaiting better market conditions. Such behavior impacts the altcoin’s ability to recover from its ongoing consolidation phase.
TIA Price Prediction: Barrier Ahead
Celestia’s price, currently trading at $5.39, has surged by 11.8% over the last 24 hours. However, despite aiming for the $6.03 level, the altcoin is unlikely to surpass this mark, given current market conditions. The $6.03 barrier remains a crucial resistance level that could keep the altcoin under $6.00 for the foreseeable future.
Technical indicators suggest that consolidation between $7.25 and $4.52 will likely persist, with $6.03 serving as a critical point of resistance. This range-bound movement reinforces the bearish outlook for TIA as it struggles to gain the momentum needed to break out of this pattern.
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If, however, the broader cryptocurrency market experiences unexpected bullish sentiment, TIA could see a price surge that pushes it past the $6.03 resistance. In such a scenario, the current bearish thesis would be invalidated, allowing the altcoin to experience further gains beyond the $6.00 level.
The post Celestia (TIA) Price Up 12% Today, Yet a Drawdown Is Likely appeared first on BeInCrypto.
