The technical setup of TIA guides the bearish sentiment and indicates a downtrend.
Its open interest surged by more than 5.26% to $122.84 million in the past 24 hours.
Celestia’s TIA token continues to trend downward, with high volatility over the past few weeks. TIA’s current state is bearish, hovering around the 52-week low region.
Interestingly, the intraday price action shocked the bears. Despite the broader market decline, the TIA token price remained up throughout the day. It experienced significant buying pressure, which affects the possibility of an imminent reversal.
Notably, the short-term trend remains bearish with the coin falling below key moving averages. Despite a sharp rebound last week, the coin failed to sustain gains above $7 and is facing resistance.
Overall, the stock has been in a bearish trend and continues to form lower lows. The bulls have attempted to capture the 100-day EMA for the past three months but have not been successful and have remained below it. This reflects the dominance of the sellers.
Recently, the price managed to rebound from the $4.20 mark. Along with the hammer, there was a surge in volume, which led to a sharp correction. Despite the rebound, the coin failed to sprint forward and returned to the starting point.
How is Celestia (TIA) price trending?
At the time of writing, Celestia token is trading at $5.36, up 2.30% intraday. This reflects a slight bullish trend. Its trading volume rose by more than 39.20% to $110.12 million.
Furthermore, the TIA/BTC pair has a price of 0.0000868 BTC and a market cap of $754.59 million.
Celestia Price Takes Bearish Impact: What’s Next?
Over the past three months, Celestia token price has been in a downward trend and continues to lose gains.
Despite a notable dead cat bounce in the middle, sellers have remained resilient and continue to dominate. This has resulted in a sustained downtrend.
The RSI is close to falling below 40, suggesting that TIA could soon become oversold and lose more gains in the future.
Its price action conveys a bearish sentiment, with sellers continuing to go short, leaving bulls in a lurch.
TIA hopes to rebound and recover soon.
A successful breakout above the $7 mark could pave the way for a reversal towards the $9 mark in the near term.
Financing rates have fallen
The funding rate can be described as the premium between the contract price and the spot price.
Values above zero indicate that traders expect prices to rise, thus a bullish trend. Conversely, values below zero indicate that the asset price is below the spot price, thus a bearish trend.
At press time, the funding rate for TIA tokens appears to have fallen below zero. The rate is -0.061%, which indicates a bearish trend in the market.
In contrast, open interest data shows that open interest has surged by more than 5.26% to $122.84 million in the past 24 hours.
The bulls should maintain the critical support at $5 for a sharp rebound to occur. Failing that, a retest of the next support at $4.40 and then the $4 mark will be on the cards in the near term.
Conversely, if the coin rebounds, it may resist the $7 level. The next resistance will be around $7.40 where sellers hold a strong position.
