The price of Celestia (TIA) has risen over 6% in the last 24 hours, marking a recovery after two days of losses. This uptick reflects growing optimism, making it the third day of positive price movement for the token. Despite trading within a bearish trend, the recent momentum offers hope to traders.
TIA Finds Support at $4
Currently, Celestia (TIA) is struggling to break out of a falling wedge pattern, where the altcoin continues to create lower lows. The $4 mark has proven to be a critical support level, as TIA has successfully tested it three times.
Despite the bearish market structure, TIA gained over 6% intraday, suggesting that bulls might soon challenge key resistance levels.
Impact of Upcoming Token Unlock
One reason for the recent dip in TIA’s price is the upcoming token unlock event on October 31. According to TokenUnlocks, over 174 million tokens (valued at $175 million) will be unlocked and distributed to early investors and contributors. This influx of tokens could lead to dilution, increasing supply in the market and impacting staking rewards, which currently sit at 9.96%.
Can Bulls Break the $5 Barrier?
Despite losing over 60% in value over the past three months, TIA is now showing signs of a potential rebound. Bulls will need to overcome the $5 resistance level to secure a more sustained recovery. At the time of writing, TIA was trading at $4.24, with a trading volume spike of over 60%, indicating growing investor confidence.
Technical Indicators Signal a Mixed Outlook
A closer look at the technical indicators presents a mixed picture. The Awesome Oscillator (AO) remains below the zero line, signaling weak market momentum. Similarly, the Chaikin Money Flow (CMF) reading of -0.18 suggests limited capital inflows.
However, the MACD is starting to show a green bar, indicating a possible shift in market sentiment. The RSI remains below 50, suggesting a lack of strong buying pressure, which could make it difficult for TIA to break through the $5 resistance level.
Derivatives Data Show Positive Sentiment
In the derivatives market, Open Interest (OI) rose by 14.06% to $127.30 million, signaling long build-up activity. The long/short ratio (24h) stands at 0.9539, suggesting that traders remain optimistic about TIA’s future performance.
Celestia Price Prediction: Eyes on $5
For a sustained bullish reversal, Celestia needs to break through the $5 resistance level. Immediate support lies at $4.20 and $3.80, with resistance at $5 and $5.30. As momentum builds, TIA’s ability to overcome these key levels will determine its short-term trajectory.
