Celestia [TIA] experienced a significant drop of 11% in the past 24 hours, mirroring the downward trend seen in the broader cryptocurrency market. The decline was attributed to the overall market turbulence that caused Bitcoin [BTC] to plummet from $106K to $102K. Despite this setback, investors viewed the dip as an opportunity to accumulate TIA, leading to a surge in buying activity.
The recent increase in accumulation of TIA is evident from the data provided by CoinGlass’s Spot Exchange Netflow, which shows approximately $401,000 worth of TIA being purchased within the last 24 hours. This influx of capital pushed the weekly total accumulation to $6.94 million, marking the highest weekly inflow in over three weeks. The positive sentiment was not limited to spot markets, as the Open Interest Weighted Funding Rate remained positive at 0.0002%, indicating a bullish stance among traders amidst market volatility.
On-chain indicators further supported the uptrend in accumulation, with the Accumulation/Distribution (A/D) Line rising to 39.85 million, indicating a higher demand for TIA tokens. The Money Flow Index (MFI) also showed a positive movement, reaching 32.15, signaling a return of liquidity to the market. These indicators suggest a gradual influx of demand for TIA, setting the stage for a potential sustained price increase.
Technical analysis revealed that TIA recently touched a key support level on the chart, located at the lower boundary of a descending channel. This support level has triggered previous upward movements in the price of TIA, making it a crucial level to watch. However, Fibonacci Retracement analysis identified two major resistance levels at $1.606 and $1.732, which could potentially impede TIA’s upward trajectory. If TIA manages to break past these resistance levels, bulls could target $1.834, representing a 30% increase from current prices.
In conclusion, the recent surge in buying activity and accumulation of TIA, coupled with positive on-chain indicators and technical analysis, suggest a potential bullish momentum for the cryptocurrency. However, investors should remain cautious of potential resistance levels and monitor market conditions closely to capitalize on future price movements. The Benefits of Regular Exercise
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