The price of Celestia (TIA) has been falling consistently since early June, forming a descending channel. The price fell to a six-month low
At the time of writing, Celestia (TIA) is trading at levels last visited in December 2023.
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Token sales surge
May 29 price tokens Celestia ( TIA ) rose to a 30-day high of $10.76, but then pulled back. Since then, it has been moving within the framework downstream channel which indicates the continued bearish pressure.
The Relative Strength Index (RSI) is currently at 25.8, confirming strong selling of TIA by market participants. Values above 70 indicate that the asset is overbought, while readings below 30 indicate that the asset is oversold and a possible quick rebound.
The RSI for TIA at 25.8 confirmed that market participants prefer to sell their tokens rather than buy new ones.
Also, as the cost of the TIA falls, so does the open interest on futures. Since the beginning of June, it has fallen by 41% to $76.06 million onchain metric reflects the total number of currently open contracts for various derivativessuch as option and futures. Its fall shows that more and more traders are closing positions and leaving the market without opening new ones.
The current value of TIA futures open interest is at the level last seen in November 2023.
TIA Forecast: Next stop at $6.02
Indicator Arun Down for TIA confirms the strength of the current downtrend. At the time of writing, the value of the Aroon line was 92.66%. This one technical indicator determines the strength of the trend and potential price reversal points. When it approaches the 100 level, it indicates a strong downtrend and that the last low was reached relatively recently.
Indications of the directional movement index (DMI) also indicate a bearish bias. At the time of writing, the positive index (blue) was below the negative (orange).
This indicator assesses the strength and direction of a market trend. A similar pattern signals that the market is declining.
If the downtrend continues, the price of TIA could fall to $6.02.