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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- Celestia bulls were forced to retreat from the $7 zone as the bears looked to seize the upper hand.
- A retracement and consolidation could be underway, and key support levels to watch were highlighted.
Celestia [TIA] reached a high of $7.42 on November 18. In a recent technical analysis piece, AMBCrypto noted that the $7.72 level was a bullish target where holders could secure profits based on Fibonacci extension levels.
However, the move ended at $7.42 and started to trend down in the lower time frames.
Another report from AMBCrypto had shown that the number of active accounts and the number of transactions decreased even as prices rose higher. This was an early sign that the bears could take control of the market.
What does TIA’s price below $6 mean, and should you liquidate your assets?
Source: TIA/USDT on TradingView
TIA saw an explosive movement in November. The raging bullish sentiment of the past ten days saw TIA rise from $2.25 to $7.42, representing a 230% gain from bottom to peak. The good times could be coming to an end, at least in the coming week.
The 2-hour price chart showed that TIA has a bearish market structure. This was accompanied by an RSI drop well below neutral 50 over the past 24 hours. The On-Balance Volume (OBV) formed a local support level, as indicated on the indicator.
The selling pressure caused the OBV to fall below this support and was another sign that the bears were dominant at the time of writing. To the south, the $4.88 and $4.26 levels were expected to serve as support.
Market sentiment favored the bears in the short term
Source: Coinalyse
AMBCrypto’s analysis of the Coinalyze data above reinforced the findings from the technical analysis. The Open Interest started to decline on November 19 when TIA hovered above the $6.5 level. This was a signal that sentiment had turned bearish.
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On November 20, token prices fell further and this was accompanied by another drop in OI. Sentiment therefore remained bearish, while prices and OI fell in tandem.
Furthermore, spot CVD has also trended lower over the past 24 hours. Buyers may want to wait for spot CVD to level off and prices to form a short-term range before looking to re-enter the market.
