Market

Will Celestia’s (TIA) Price Crash Just to Fulfill Investors’ Demand?

Published

4 months ago

July 10, 2024

Coin2049 Newsletter

Celestia’s (TIA) price rise in the last few days made it one of the best-performing assets this week and in the last 24 hours.

But instead of imbuing confidence and optimism, the rally inspired investors to take a different, more bearish path to churn profits.

Celestia Investors Want a Crash

Celestia’s price had a good run this week as the altcoin recovered most of its recent losses. But as this happened, TIA holders got the idea to take a more destructive idea of shorting the altcoin heavily. Signs of the same are visible in the Open Interest and Funding Rate.

Celestia’s Open Interest has spiked significantly in the last two days, doubling from $80 million to $190 million. This sharp increase indicates a substantial surge in trading activity and investment in the altcoin.

The rapid rise in Open Interest generally highlights growing interest and confidence among traders and investors. But this is not the case with Celestia. TIA traders are pining for a price decline, which can be noted in the direction of the funding rate.

TIA’s Funding rate has turned negative from positive, reaching the highest point since its inception. A negative funding rate typically indicates that short positions are paying long positions, reflecting a bearish sentiment among traders.

Read More: Best Upcoming Airdrops in 2024

Combining the two metrics, it becomes evident that the surge in OI is showcasing the rise in short contracts, bringing the funding rate down to historic lows. This shows that TIA holders are expecting and demanding a price drawdown following the rally.

TIA Price Prediction: Where Could It End Up?

Celestia’s price can take two directions. One is as per the demand of the investors, and the second is the one that the market suggests. IF TIA follows investors’ demand, it could end up losing the recent gains and drop to $4.9.

Trading at $6.6, this could result in a 24% decline, signs of which are already visible in the 8% decline today.

Celestia Price Analysis. Source: TradingView

On the other hand, if the price jumps back up to breach and flips $7.2 into a support level, a rise beyond $8.1 is likely. This would push Celestia’s price to $10 and invalidate the bearish thesis.

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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Related Topics:Celestias Crash Demand Fulfill Investors Price TIA

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Ethereum Price Rise Targets $3,000: Will It Cross the Mark?

Published

6 hours ago

November 8, 2024

Coin2049 Newsletter

Ethereum price started a fresh increase above the $2,720 resistance. ETH is up over 10% and now approaches the key barrier at $3,000.

Ethereum started a fresh surge above the $2,720 resistance zone.
The price is trading above $2,750 and the 100-hourly Simple Moving Average.
There is a new connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it clears the $2,950 resistance.

Ethereum Price Extends Its Increase

Ethereum price started a fresh increase above the $2,650 resistance like Bitcoin. ETH was able to climb above the $2,720 and $2,750 resistance levels to move further into a positive zone.

It even surged above the $2,850 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,920. A high is formed at $2,955 and the price is showing signs of more upsides. It is well above the 23.6% Fib retracement level of the upward move from the $2,355 swing low to the $2,955 high.

Ethereum price is now trading above $2,800 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,920 level. The first major resistance is near the $2,950 level. The main resistance is now forming near $3,000. A clear move above the $3,000 resistance might send the price toward the $3,120 resistance.

An upside break above the $3,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.

Are Dips Limited In ETH?

If Ethereum fails to clear the $2,950 resistance, it could start a downside correction. Initial support on the downside is near the $2,850 level. The first major support sits near the $2,820 zone and the trend line.

A clear move below the $2,820 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 support level in the near term. The next key support sits at $2,550.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,820

Major Resistance Level – $2,950

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Market

XRP Price Gains Fade Once Again: Will Support Hold?

Published

7 hours ago

November 8, 2024

Coin2049 Newsletter

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Market

BNB Price Set to Surge: Could It Be the Next Big Mover?

Published

8 hours ago

November 8, 2024

Coin2049 Newsletter

BNB price struggled to stay above the $600 zone. The price is consolidating gains and might aim for a fresh increase above the $605 level.

BNB price started a downside correction from the $612 resistance zone.
The price is now trading above $590 and the 100-hourly simple moving average.
There is a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $588 level to start another increase in the near term.

BNB Price Holds Support

After a close above the $585 level, BNB price extended its increase. However, upsides were limited above $610 and the price remained capped unlike Ethereum and Bitcoin.

There was a move below the $605 and $600 levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $543 swing low to the $611 high. However, the price is now holding gains above the $580 level.

The price is now trading above $595 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair.

If there is a fresh increase, the price could face resistance near the $605 level. The next resistance sits near the $612 level. A clear move above the $612 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $632 resistance. Any more gains might call for a test of the $650 level in the near term.

More Losses?

If BNB fails to clear the $605 resistance, it could start another decline. Initial support on the downside is near the $595 level and the trend line. The next major support is near the $578 level or the 50% Fib retracement level of the upward move from the $543 swing low to the $611 high.

The main support sits at $570. If there is a downside break below the $570 support, the price could drop toward the $560 support. Any more losses could initiate a larger decline toward the $550 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.

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

Major Support Levels – $595 and $578.

Major Resistance Levels – $605 and $612.

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