NewsletterCelestia Price Analysis: Can TIA Coin Hit $18 Amid Rising Futures Open Interest?
Highlights
- The TIA price breakout from triangle pattern resistance should accelerate the bullish momentum for the prolonged rally.
- The price recovery above daily EMAs (20, 50, and 100) indicates the market sentiment is gradually shifting in buyers' favor.
- The intraday trading volume in Celestia is $347.5 Million, indicating a 42% gain.
Celestia Price Analysis: TIA, the native cryptocurrency of the Celestia blockchain has outperformed the broader market uncertainty with a five-day rally. While the Bitcoin price consolidation above $67000 has stalled the recovery in most of the major altcoins, the TIA Price jumped from $8.6 to 11.87% registering a weekly growth of $38%. This rally backed by a surge in futures open interest gives a breakout from 7-week accumulation, indicating a potential for a higher rally.
Also Read: Multiple Bitcoin (BTC) Metrics Hints Bull Rally Is Ahead
Celestial Coin’s 60% Surge in Open Interest Signals Trader Optimism
The past seven-week price trajectory of the Celestial coin has been sideways, resonating within the range of a symmetrical triangle pattern. The chart setup is known to carry a short consolidation period for market participants to recuperate the momentum of the prevailing trend.
Amid the broader market recovery, the TIA entered a new recovery from the pattern’s lower trendline in mid-May. The bullish upswing propelled the asset from $8 to $11.6 within two weeks to record a 45.8% growth.
The recent rally was also marked by a noticeable surge in futures open interest, according to data from Coinglass. The derivative market data provider recorded a significant increase from a May 24th low of $104.43 million to a current value of $167.27 million.
This rise, representing a percentage growth of approximately 60.2, suggests heightened trading activity and potentially increased market leverage, indicating that traders are anticipating further price movements in the near future.
On May 28th, the TIA price gave a decisive breakout from the triangle pattern resistance, signaling a change in market dynamics. If the breakout sustains, the buyers could drive a rally to $15.5, followed by $18.5.
Technical Indicator
- Exponential Moving Average: A notable uptick in 20- and 50-day EMA indicates the increased buying activity for Celestia coin.
- Average Directional Index: An uptick in the daily ADX slope at 21% indicates the prior consolidation built up sufficient momentum for a prolonged rally.
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