Celestia Crypto (TIA) Eyes $7 Target as Trading Volume RecedesCe

12 mag

Celestia Crypto (TIA) Eyes $7 Target as Trading Volume Recedes
Bearish trend persists in TIA crypto, with the price crumbling through the key $10 threshold.
TIA cryptocurrency sees scant trading activity, casting doubt on any near-term trend reversal prospects.

The broader market correction has significantly affected Celestia's value. In contrast, TIA's crypto, which had been on a downward trajectory since mid-February, is now at risk of falling through its support levels. The general market downturn has exacerbated this trend, intensifying the negative impact.

Since mid-February, Celestia's cryptocurrency has seen a decline of more than 57% from its annual peak. The crypto has been extending losses, creating a notable pattern. Let's have a closer look using various data to identify whether the upcoming sessions will widen the losses or a recovery is going to initiate.
Low Volume Inflow Indicates More Downfall Ahead?
Celestia's cryptocurrency has recently fallen under the crucial $10 level, signaling a persistent bearish trend. Despite efforts to maintain the $10 support, diminished trading volumes led to a decline below this key mark.

<iframe title="Santiment Chart: Price (TIA), Volume (TIA), Price (TIA) MA(50), Price (TIA) MA(200), Price Volatility 1w (TIA)" width="1170" height="425" src="embed.santiment.net/chart?ps=celestia&pt=TIA&df=2024-02-27T00:00:00.000Z&dt=2024-05-12T18:29:59.487Z&emcg=1&emhwm=1&wm=price_usd;volume_usd;[2;price_usd;MA50];[2;price_usd;MA200];price_volatility_1w&wax=0;1;4&wc=#33bd5d;#D2D6E7;#FF5B5B;#FFCB47;#5275FF&ws={"interval":"1d","node":"candle"};;;;" scrolling="no"></iframe>

Volume metrics indicate a significant drop, hitting a two-month low. According to CoinMarketCap, the daily trading volume was recorded at $35.488 million, a sharp 56.21% decrease from the day before. Furthermore, the volume-to-market cap ratio stood at 2.22%, indicating a period of reduced volatility.
Technical Indicators Imply A Trend Continuation.
The daily chart indicates that the price is fluctuating within a descending Parallel channel pattern, with the top and bottom lines serving as resistance and support, hinting at a downward correction trend.



Now, As long as the cryptocurrency remains within this channel, it's likely to persist in its downward correction. However, a consistent breakout from this pattern could signal a change in direction, potentially leading to a recovery of recent losses.

On the higher side, if a breakout occurs, $12.5 and $15 could become targets for profit-taking. Conversely, if the decline continues, $9.09 and $7.07 could provide support levels.
Conclusion.
Celestia's crypto has plunged over 57% from its yearly high amid a market downturn, breaching the pivotal $10 mark and signaling a bearish trend. Moreover, Trading volumes have dwindled, hitting a two-month low, with a significant daily volume drop and a low volume-to-market cap ratio, suggesting limited volatility.

Currently, The price is trapped in a descending channel. Now, if it breaks out, recovery towards $12.5 or $15 is possible, but a continued fall could see support at $9.09 or $7.07. The market's direction hinges on whether it can exit this channel.