Down by 7.5% but… – Identifying TIA’s bullish potential on the charts
The post Down by 7.5% but… – Identifying TIA’s bullish potential on the charts appeared on BitcoinEthereumNews.com.
Asset has been trading within a defined channel, with press time technical indicators suggesting a possible move lower A divergence between the Money Flow Index (MFI) and TIA’s price could have a say too Celestia [TIA], at the time of writing, was facing a bearish trend, marked by a 7.47% decline in the last 24 hours. As expected, this pullback has partially erased the gains the altcoin accumulated over the past week. Especially in the face of increasing selling pressure.Hence, it’s worth examining potential scenarios for TIA’s price movement as different market perspectives come to light. These perspectives might underline uncertainty, but also the possibility of significant price action on the charts. TIA price movement analysis At press time, TIA seemed locked in a month-long consolidation channel – A pattern that has persisted since July. After encountering resistance at the upper boundary of the channel, TIA has registered a decline over the past two days. This bearish momentum could be a sign of a further drop, potentially driving the price down to the support level of $4.528.That being said, a temporary reversal is possible. If TIA reaches the mid-term resistance at $5.52, a level where significant liquidity is concentrated. This could spark a short-term rally, pushing the price upwards before resuming its downtrend. Source: Trading View AMBCrypto’s analysis also revealed that the prevailing trader sentiment favors a sustained decline, with TIA expected to trend lower from its press time price of $5.895. Traders are selling aggressively There has also been a significant hike in selling activity for TIA. The same was indicated by various on-chain metrics, including the Funding Rate and Open Interest.At press time, TIA’s funding rate had dropped to negative 0.0377%. A negative funding rate means that short positions are paying long positions – A sign that the…
Filed under: News - @ October 17, 2024 5:14 am