Token

Flow

Celestia

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/celestia-token-faces-continued-price-decline/" data-wpel-link="internal">Celestia Token Faces Continued Price Decline</a> 
By the end of 2023, the local token of the Celestia network, TIA, continues to face a difficult process. The Celestia price remains at $5.15 after a drop of over 13% in the last 30 days. If this trend continues, indicators suggest TIA could move towards a critical support level, increasing its losses. 
<h2 style="text-align: justify" id="will-celestia-price-drop">Will Celestia Price Drop?</h2> 
During the airdrop events last year, TIA’s Relative Strength Index (RSI) value was reflected as 38.86 in the charts. Considering that RSI evaluates overbought and oversold conditions, this situation may indicate that it is approaching the oversold region. A drop in the RSI value below 30 would mean that overselling is occurring. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-376247" src="https://coin-turk.com/wp-content/uploads/2024/08/celestia-3-coin-turk-com.png" alt="" width="497" height="260"> 
If there is such a decline in momentum, TIA’s price may continue to fall. Consequently, the value of the <a href="https://en.coin-turk.com/grayscale-bitcoin-trust-sees-major-daily-inflow/" data-wpel-link="internal">cryptocurrency</a> could drop below $5. 
On the other hand, <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> taking positions in derivative exchanges were also seen moving in a downward direction. The Funding Rate seen in on-chain <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> reflects this. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-376248" src="https://coin-turk.com/wp-content/uploads/2024/08/celestia-2-coin-turk-com.png" alt="" width="503" height="182"> 
As of the time of writing, TIA’s Funding Rate is in the negative region, reinforcing the idea that market participants do not expect a price jump. 
However, this situation was also valid for most of the past month, reflecting the market’s short-term skepticism towards TIAA. 
<h2 style="text-align: justify" id="what-will-be-tia-s-price">What Will Be TIA’s Price?</h2> 
As of the time of writing, TIA has been moving within a descending triangle since July 22 (below). Looking at this formation, while the flat support line consolidates on a fixed plane, the price reaches lower peaks and returns. 
Generally, the formation of lower peaks represents a decline and may bring a breakdown. On the other hand, the Fibonacci Retracement indicator provides insights into the areas where the price could start its next upward or downward process, as each ratio defines support and resistance levels. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-376249" src="https://coin-turk.com/wp-content/uploads/2024/08/celestia-1-coin-turk-com.png" alt="" width="485" height="259"> 
The notable Fib ratios for TIA are 23.6%, 38.2%, 61.8%, and 78.6%. In the above chart, TIA’s price appears to have fallen below the 23.6% nominal retracement ratio, and if selling pressure increases, TIA’s value could drop to $4.13. 
On the other hand, the Money Flow Index (MFI) indicated that liquidity was starting to increase in Celestia, and if this continues, TIA’s price could rise to $5.98, eliminating the bearish outlook. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/celestia-token-faces-continued-price-decline/" data-wpel-link="internal">Celestia Token Faces Continued Price Decline</a></h5>
The post <a href="https://en.coin-turk.com/celestia-token-faces-continued-price-decline/" data-wpel-link="internal">Celestia Token Faces Continued Price Decline</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Celestia Token Faces Continued Price Decline

Table of Contents

COINTURK NEWS

Other articles published on Aug 1, 2024

Bitcoin and Altcoins Face Decline Due to Geopolitical Risks and Market Conditions

NVDA’s 30-day implied volatility surpasses Bitcoin and Ethereum’s

Tron Network Records Significant Growth in Daily Active Addresses

Bitcoin Price Drops and Market Reactions

Riot Platforms Reports $84.4 Million Net Loss for Q2 2024

DTX Exchange Surpasses 12000 Holders in Record Week, SHIB and Arbitrum Investors Drawn to 100x Up...

Join our free newsletter for daily crypto updates!