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Why TIA Price May Plunge By 30%

Published

5 hours ago

October 2, 2024

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The modular blockchain network Celestia will conduct the large token unlock in October, with a massive $1 billion worth of TIA set to be released. Many of its holders have begun selling their tokens before this event.

If selling pressure intensifies, TIA’s price may fall by 30%. This analysis delves into what you need to know as the unlock date approaches.

Celestia Traders Offload Tokens

Token Unlocks data shows that on October 30, Celestia will release 175.56 million TIA tokens, valued at approximately $1 billion, which constitutes 81.86% of the circulating supply. These tokens will be distributed among early supporters, seed investors, and core contributors.

The anticipation of a large token unlock event such as this can often create uncertainty and negative sentiment among investors, leading them to sell their holdings before the event. This has been the case with TIA, which has witnessed a spike in selling pressure over the past week.

TIA trades at $5.12, noting an 18% price decline over the past week. This makes it the biggest loser among the top 100 cryptocurrencies by market capitalization during this period. The token’s plummeting Relative Strength Index (RSI) confirms the decline in TIA’s demand over the past few days.

Read more: 10 Best Altcoin Exchanges In 2024

This indicator measures an asset’s overbought or oversold conditions. It ranges from 0 to 100, with values above 70 indicating that the asset is overbought and likely to face a decline, while values below 30 suggest it is oversold and may be due for a rebound.

At 46.42, TIA’s RSI shows that selling activity currently outweighs buying pressure, but it does not yet signal extreme conditions. This middle-range reading suggests that the market is relatively neutral, though leaning toward selling pressure.

Furthermore, TIA’s negative funding rate reflects the bearish bias. This stands at -0.022% at press time, indicating that futures traders are betting on its continued price decline.

tia funding rate — TIA Funding Rate. Source: Coinglass

TIA Price Prediction: 30-Day Low on the Horizon

A negative funding rate suggests that more traders are betting against the asset (short positions) than for it (long positions). This puts downward pressure on the asset’s price, reflecting a lack of confidence in price appreciation.

If selling pressure persists, TIA’s price will fall 30% to trade at $3.72, a low it last reached on September 4. However, if it sees a shift in market sentiment from bearish to bullish, and a spike in demand follows, TIA’s price will climb toward $10.37.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Bitcoin Price Poised for a Fresh Rally, Unless This Level Breaks

Published

53 mins ago

October 3, 2024

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Este artículo también está disponible en español.

Bitcoin price is consolidating above the $60,000 support. BTC could aim for a fresh increase unless there is a close below the $60,000 support.

Bitcoin is consolidating above the $60,000 support zone.
The price is trading below $61,500 and the 100 hourly Simple moving average.
There is a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $60,000 support zone.

Bitcoin Price Starts Consolidation

Bitcoin price extended its decline from the $62,350 resistance. BTC broke the $62,000 and $61,500 support levels to move into a short-term bearish zone. The price even dipped below $60,500.

A low was formed at $60,000 and the price is now consolidating losses. There was a minor increase above the $60,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low.

Bitcoin is now trading below $61,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,250 level. The first key resistance is near the $61,500 level. There is also a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair.

The trend line is close to the 61.8% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low. A clear move above the $61,500 resistance might send the price higher. The next key resistance could be $62,500.

Bitcoin Price — Source: BTCUSD on TradingView.com

A close above the $62,500 resistance might spark more upsides. In the stated case, the price could rise and test the $63,200 resistance level. Any more gains might send the price toward the $65,000 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $61,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,500 level.

The first major support is near the $60,000 level. The next support is now near the $59,200 zone. Any more losses might send the price toward the $58,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $60,500, followed by $60,000.

Major Resistance Levels – $61,500, and $62,500.

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Market

Will STRK Price Push Past Crucial Resistance?

Published

2 hours ago

October 3, 2024

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Starknet’s STRK token has lost nearly 10% of its value just a week after the ZK-Rollup platform initiated its first phase of staking. Currently trading at $0.38, STRK’s price has dropped 16% in the past 24 hours, making it the third-largest loser behind Beam (BEAM) and Arweave (AR).

Positioned below a critical resistance level, a further spike in selling pressure could push STRK’s price to retest its all-time low of $0.31.

Starknet Bears Defend Resistance

Readings from STRK’s one-day chart show that its price is currently hovering below the resistance formed by its Ichimoku Cloud at $0.43. When an asset’s price is below this cloud, it suggests that sellers have control, and any attempts to push higher are met with resistance from within or just above the cloud.

Traders view the cloud as a significant barrier, and breaking through it to the upside is difficult without strong buying momentum.

STRK Ichimoku Cloud. Source: TradingView

Moreover, STRK’s declining Chaikin Money Flow (CMF) reflects the lack of buying pressure to push above this key resistance level. This indicator, which measures money flow into and out of the market, recently broke below the zero line. At -0.03 at press time, selling pressure outweighs buying activity among STRK traders.

A negative CMF value indicates more capital outflow than inflow. This means traders are selling more of the asset than they are buying, leading to a price decline.

strk cmf — STRK Chaikin Money Flow. Source: TradingView

STRK Price Prediction: The Bulls Must Defend the Cloud

If selling pressure intensifies and STRK bulls cannot push the price above the cloud, the downtrend will likely gain momentum. The coin’s next target could be its all-time low of $0.31, last seen on August 5.

On the other hand, if a surge in buying activity occurs, STRK’s price may attempt to rally above the cloud, potentially reaching $2.25 — a high last recorded in March.

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Did Changpeng Zhao Make or Lose Billions in Prison? Forbes and Bloomberg Weigh In

Published

3 hours ago

October 3, 2024

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Binance founder and former CEO Changpeng Zhao (CZ) was likely still growing his wealth despite his four-month confinement in California’s Lompoc II detention center.

The popular crypto executive exited prison recently, concluding his sentence two days ahead of the official release.

Changpeng Zhao’s Daily Earnings While In Prison Debated

According to Bloomberg’s methodology, Binance’s Changpeng Zhao saw his net worth decline significantly while in prison. As of June 2, his wealth was estimated at $36.5 billion, which fell to around $30.8 billion by September 27.

Bloomberg took a conservative approach in calculating this, valuing CZ’s holdings in Bitcoin (BTC), Binance Coin (BNB), and Binance.us at $0. Additionally, the value of his Binance.com equity was discounted by 50%, based on the average EV-to-sales multiple of peers like Coinbase, Galaxy Digital, and Riot Platforms.

However, Forbes disagrees with Bloomberg’s approach. While Bloomberg estimated CZ’s wealth to have dropped, Forbes suggests he may have earned billions while in prison, estimating his net worth at $61 billion on that same date. It means CZ had a daily income of about $25 million during the four-month period.

Forbes did not fully disclose its methodology. However, its data shows that CZ’s net worth was $33 billion on May 7 and $57.8 billion on July 12. This sharp contrast suggests that Forbes includes CZ’s crypto holdings and applies a less conservative discount on his equity in Binance. Forbes’ estimate implies that CZ may have gained at least $3 billion during his time in prison.

Forbes’ valuation primarily focuses on wealth derived from equity in privately held Binance-affiliated companies. If accurate, this suggests CZ made more money during his prison term than many executives earn in a lifetime.

As BeInCrypto reported, authorities released CZ from prison on Friday, September 27, two days ahead of official date. He served 117 days at Lompoc II, a minimum-security prison near Santa Barbara.

It is worth mentioning that these are estimates as the Binance-affiliated firms where CZ owns equity are private. Similarly, CZ has no obligation to report his assets publicly.

These facts make it rather opaque and difficult to calculate Changpeng Zhao’s net worth accurately. Bloomberg rated its confidence in the estimation at one out of five, putting it at the lowest level possible.

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