Celestia (TIA) has recently exhibited a general trend of red candlesticks, which could suggest a propensity for further correction. Another notable factor is the lack of enthusiasm among investors to support the altcoin at this time. The projected target for TIA might be to follow Bitcoin’s price, which has fallen below $60,000, potentially reaching its lowest level in five months.
Celestia (TIA) Comments and Current Status
The price drop in Celestia parallels the general downturn in the crypto market last month. However, the greater impact was on investors moving away from TIA.
This situation is highlighted by a 50% decrease in Open Interest (OI) last month. At the beginning of March, short and long positions worth $233 million were taken in TIA. Since then, this figure has dropped to $113 million, which is less than half of the previous OI.
This indicates that investors are only focusing on profitable transactions, which might take some time.
The reasons for the delay could be attributed to the correlation between TIA and Bitcoin.
BTC and TIA have a correlation of 0.96, indicating nearly identical movements. Given that Bitcoin’s price is trading below $60,000, a drop in TIA’s price should not be surprising.
Considering that investors expect further declines in BTC, a similar outlook for Celestia (TIA) under current conditions is expected. Therefore, new declines in TIA’s price could occur in the coming days.
TIA Price Prediction
Celestia’s (TIA) recent price movements show that the support region at $9.2 is being tested. If this support level fails, a price drop towards the next support at $8.3 could occur.
However, if this price level is breached, a bearish outlook could be confirmed, and TIA’s price might correct down to $7.
However, if the $8.3 support level can at some point halt the downward movement, TIA could rise again from this region. Consequently, regaining the $10 level could recover half of the recorded losses and negate the bearish thesis.
