Celestia’s (TIA) price is among the few altcoins that, despite noting significant gains, are not overly bullish about their future.
The mixed signals from investors and the broader market suggest that the altcoin is not poised for a rally or a decline.
Celestia Investors Accumulate
Celestia’s price is reacting to investors’ recent surge in optimism. TIA holders have been focused on accumulation for the past two weeks, which is evident in the uptick on the Chaikin Oscillator.
The Chaikin Oscillator is a technical analysis tool that measures the momentum of the Accumulation/Distribution (A/D) Line over a specified period. It helps identify buying and selling pressure.
Given that the indicator is far above the A/D line, the investors are behaving according to their bullish expectations of the price.
The same sentiment can be seen among traders since the futures market is recording significant inflows. TIA Open Interest is presently at a monthly high of $126 million.
Open interest represents the total number of unsettled contracts, such as options or futures. It gauges market activity and liquidity, indicating money flow into or out of a particular market. Over the past four weeks, traders have noted a lack of inflows as the price has moved sideways.
Read More: Best Upcoming Airdrops in 2024
While these inflows are a positive sign the broader market cues suggest why it may not have much of an impact on the altcoin.
TIA Price Prediction: Uptrend or Downtrend?
Celestia’s price has been moving within the $12 and $8 range for the past month. This consolidation is due to the broader market’s bearish cues countering investors’ bullishness.
The altcoin has been trading under the Ichimoku Cloud. The Ichimoku Cloud is a comprehensive technical analysis indicator that defines support and resistance, identifies trend direction, and gauges momentum. It provides a visual representation of current and potential future price action.
Read More: Top 10 Aspiring Crypto Coins for 2024
In the case of TIA, this bearish analysis indicates that Celestia’s price will consolidate within the aforementioned range. Even a 20% rise will only send the altcoin to the upper limit of $12.
However, if the altcoin breaks out above $12 owing to investors’ accumulation, the bearish thesis could be invalidated. This might send TIA to $15.
