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- 1 Bearish trend persists on the Celestia (TIA) chart; with the price crumbling through the key $10 threshold.
- 2 Scant trading activity casts doubt on any near-term trend reversal prospects.
The broader market correction has significantly affected Celestia’s value. In contrast, TIA’s crypto, which had been on a downward trajectory since mid-February, is now at risk of falling through its support levels. The general market downturn has exacerbated this trend, intensifying the negative impact.
Since mid-February, Celestia crypto has shown a decline of more than 57% from its annual peak. The crypto has been extending losses, creating a notable pattern. Let’s have a closer look using various indicators to identify whether the upcoming sessions will expnad the losses or a recovery is going to initiate.
Low Volume Inflow Indicates More Downfall Ahead?
Celestia’s cryptocurrency has recently fallen under the crucial $10 level, signaling a persistent bearish trend. Despite efforts to maintain the $10 support, diminished trading volume led to a decline below this key mark.
Volume metrics indicate a significant drop, hitting a two-month low. According to CoinMarketCap, the daily trading volume was recorded at $35.488 Million, a sharp 56.21% decrease from the day before. Furthermore, the volume-to-market cap ratio stood at 2.22%, indicating a period of reduced volatility.
Technical Indicators Imply A Trend Continuation.
On the daily chart, the crypto was fluctuating within a descending parallel channel pattern, with the top and bottom lines serving as resistance and support, hinting at a downward correction trend.
Now, As long as the crypto remains within this channel, it’s likely to persist in its downward correction. However, a sustained breakout from this pattern could signal a change in direction, potentially leading to a recovery of recent losses.
On the higher side, if TIA breaks out, $12.5 and $15 could become targets for profit-taking. Conversely, if the decline continues, $9.09 and $7.07 could provide support levels.
Conclusion
Celestia crypto has plunged over 57% from its yearly high amid a market downturn, breaching the pivotal $10 mark and signaling a bearish trend. Moreover, trading volume has dwindled, hitting a two-month low, with a significant daily volume drop and a low volume-to-market cap ratio, suggesting limited volatility.
Currently, the price is trapped in a descending channel. Now, if it breaks out, recovery towards $12.5 or $15 is possible, but a continued fall could see support at $9.09 or $7.07. The market’s direction hinges on whether it can exit this channel.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
