Flow

Rally

bullish

Bitcoin

Celestia

Celestia price rallied with the entire market in the last 24 hours, recovering some of yesterday’s losses. TIA bulls took advantage of <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> retesting $55,000 to stage a rally that is currently facing heavy bear pressure. Fundamentally, Celestia continues to thrive, but on the charts, technical indicators show it may be an uphill task to return TIA to previous highs.
<h2 id="celestia-price-at-crossroads">Celestia Price At Crossroads</h2>
The price of TIA increased by 9.3% in the last 24 hours to trade at $4.88. Despite bulls gathering to push the price higher, bearish forces have held the TIA price at a crucial zone on the chart.
The current trend for the TIA price is downward, as indicated by the declining price and moving averages. The recent candlestick shows a small green candle with increased volume, suggesting a potential short-term reversal.&nbsp;
The price of TIA has been in a consolidation zone for the last 42 days, and it is currently at the bottom of the range. The 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> is at $6.370, and the 200-day EMA is at $9.426. Both are above the current price, confirming the bearish trend.
Celestia price has support around $4.5, highlighted by the lower grey area, while an immediate resistance exists around $7.4, followed by the 50-day EMA at $6.370. There is a major resistance zone around $8 to $8.5.
The Relative Strength Index (<a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a>) is at 38.41, which is close to oversold territory but not quite there yet. This indicates the potential for a short-term bounce. The Chaikin Money Flow (CMF), which shows the sell or buy pressure on an asset, is at -0.10, indicating capital is flowing out of Celestia. It also signals the presence of selling pressure, although it’s not very strong.
<figure id="attachment_211137" aria-describedby="caption-attachment-211137" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-211137" src="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-12.25.50-1.jpeg" alt="Celestia Price" width="1280" height="538" srcset="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-12.25.50-1.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-12.25.50-1-300x126.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-12.25.50-1-1224x514.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-12.25.50-1-768x323.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-12.25.50-1-150x63.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-211137" class="wp-caption-text">
 Celestia Price Analysis Chart
 </figcaption>
</figure>
If Celestia price breaks rises and breaks above the 50-day EMA, it may trigger further bullish sentiment in the market, invalidating the current bearish thesis and sending TIA higher to $8.5.
<h2 id="bullish-catalysts-for-tia-price">Bullish Catalysts for TIA Price</h2>
Data from <a rel="noopener noreferrer nofollow" href="https://coinalyze.net/celestia/open-interest/">Coinalyze</a> shows Celestia’s open interest (OI) increased by 10.14% in the last 24 hours. Coupled with the recent price increase, it suggests that market participants are buying up TIA, which is bullish for the asset.
<figure id="attachment_211138" aria-describedby="caption-attachment-211138" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-211138" src="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-12.30.44.jpeg" alt="TIA Open Interest" width="1280" height="199" srcset="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-12.30.44.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-12.30.44-300x47.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-12.30.44-1224x190.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-12.30.44-768x119.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-12.30.44-150x23.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-211138" class="wp-caption-text">
 TIA Open Interest
 </figcaption>
</figure>
Additionally, data from <a rel="noopener noreferrer nofollow" href="https://www.coingecko.com/en/coins/celestia">CoinGecko</a> shows the daily trading volume for TIA increased by 31%, indicating increased trading activity that, if sustained, may suggest a potential reversal.
Overall, the Celestia price trend is bearish, with the potential for a short-term bounce. Short-term traders can look for a breakout opportunity, while long-term traders should wait for a more definitive trend reversal above the 50-day EMA.
The post <a href="https://coingape.com/markets/celestia-price-analysis-tia-bulls-eye-comeback-after-9-recovery-rally/" rel="noopener noreferrer nofollow">Celestia Price Analysis: TIA Bulls Eye Comeback After 9% Recovery Rally</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Celestia Price Analysis: TIA Bulls Eye Comeback After 9% Recovery Rally

Table of Contents

Coingape News Media

Other articles published on Aug 6, 2024

Curio Announces $5.7 Million Funding Round to Launch Duper Season One, Co-led by Bain Capital Cry...

Why Is Ethereum Up 10% Today? Find Out Inside

XRP Ledger Testnet to Reset on Aug 19: Ripple Enhancements and EVM Prep Underway

Binance Labs Announces Second Cohort of Season 7 Incubation Program: Aarc, FluxLayer, and Ton Ton...

Bitcoin Stages a Comeback, Sets Up Altcoins For Potential Rally

Nearly every token Binance listed in 2024 is now bleeding red — Coin98

Join our free newsletter for daily crypto updates!