- While some U.S. investors have chosen to part ways with TIA, others have been eagerly acquiring the asset over the past week, as if it were the last slice of cake at a party.
- Technical patterns suggest that investors are accumulating, and a 200% rally could be lurking just around the corner, like a cat ready to pounce on an unsuspecting mouse.
In the past 24 hours, Celestia [TIA] has experienced a price pump, rising a modest 1.11% to reach a high of $3.29 at the time of writing. This bullish move comes amidst a market sell-off that has caused the asset to lose a staggering 20.20% in the past week. Quite the rollercoaster ride, isn’t it? 🎢
Sentiment appears to be shifting in favor of the bulls, as traders are stepping up to accumulate the asset ahead of what they hope will be a major price rally. Fingers crossed! 🤞
U.S. investors sell, others accumulate
The recent downward pressure on TIA has been driven by U.S. investors, as indicated by Coinglass exchange netflow data, which showed a positive reading from Coinbase—a U.S.-based crypto exchange. It seems some are throwing in the towel while others are sharpening their forks for a feast.
According to analysis, in the past week, these U.S. investors offloaded a whopping $591,200 worth of TIA. However, investors on other exchanges continued to accumulate the asset, perhaps believing in its hidden potential.
Data shows that traders on Binance, Kraken, OKX, and Bybit collectively accumulated $9.98 million worth of TIA over the past seven days. This could play a role in a potential rally in the coming trading sessions, or it could just be a mirage in the desert of despair.
AMBCrypto also identified other bullish confluences supporting a potential upside move, as TIA trades within a bullish pattern on the chart. Hope springs eternal! 🌱
Bullish accumulation zone—TIA is ready
TIA is on the verge of a 184% breakout as it trades within a bullish formation known as the cup and handle pattern, which has historically preceded rallies. A cup of optimism, if you will!
The pattern, as indicated on the chart, is currently trading within the handle—a phase where price consolidates within a defined support and resistance zone. It’s like waiting for the kettle to boil, but will it ever? ☕
For an upward move to occur, TIA needs to break above the current resistance level at $3.25. A move above this level could push the price toward $9.28. Will it break free, or will it remain shackled to mediocrity?
Mixed derivatives sentiment
The derivatives market shows mixed sentiment, which could delay a potential rally. It’s like a game of tug-of-war, and no one seems to know who’s winning.
Currently, data indicates that the amount of unsettled derivative contracts surged by 1.80% to $115.84 million in the past 24 hours. A veritable buffet of contracts, but who will feast?
Short contracts saw the most liquidations, with analysis showing that traders lost over $165,000 to the market. Ouch! That’s gotta hurt! 😬
When more short contracts than longs are forcefully closed while Open Interest spikes higher, it suggests increased buying activity, potentially leading to further gains. Or it could just be a mirage, again.
However, the OI-Weighted Funding Rate remains negative, indicating that sellers still dominate the market. It’s a bit like a party where the cool kids are all on one side of the room.
This metric provides a more accurate view of market conditions as it combines Open Interest and funding rate to determine the likely price movement. A shift in the OI-weighted funding
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2025-03-10 03:11