Celestia (TIA) has recently captured the spotlight with a notable surge in its value. Following a prolonged decline, the airdrop process in 2023 seemed to reverse within a span of 24 hours. At the time of this report, TIA is trading at $7.30, showing a remarkable 12% increase. This rise positions TIA as the second most appreciated cryptocurrency, just behind MEW. The price hike has fueled significant enthusiasm among market participants, with investors increasingly confident in TIA’s upward trajectory and futures traders augmenting their long positions.
What Drives TIA’s Market Sentiment?
For an extended period, TIA’s value faced a downward trend. However, a shift is now evident as investors take long positions more aggressively. Data from Coinglass highlights that TIA’s funding rate on cryptocurrency exchanges was largely negative between July 4-19, reflecting market pessimism during that period.
In recent days, a surge in TIA’s price has coincided with an increased demand for long positions, signaling a change in market sentiment from bearish to bullish. As of now, TIA’s funding rate is positive at 0.0042%, indicating a favorable outlook.
How Much Will TIA Be Worth?
The rise in open interest in futures trading underscores the bullish sentiment surrounding altcoins. Open positions have ascended to $176 million, marking a 40% increase since July 19. This uptrend indicates a growing appetite for new positions, with existing ones remaining open.
Key Takeaways for Investors
Investment Insights:
- The Parabolic Stop and Reverse (SAR) indicator suggests a sustained bullish trend for TIA.
- Positive Chaikin Money Flow (CMF) values indicate continued fund inflow into TIA.
- Potential price targets include $8.09 on the upside, while a sharp selling pressure could see it drop to $4.13.
Daily price charts for TIA hint at a possible long-term rally. The Parabolic Stop and Reverse (SAR) indicator shows a bullish trend, with points below TIA’s price. This, coupled with a positive Chaikin Money Flow (CMF) of 0.07, suggests continued fund inflow and a positive outlook. If the bullish trend persists, TIA’s price might reach $8.09. Conversely, an unexpected surge in selling pressure could drive the price down to $4.13, hitting an eight-month low.