- After falling 80% from the highs in February, TIA was able to revisit the $7 region.
- While sentiment stayed bullish, the token’s price risked retracing to $6.44.
Celestia [TIA] was one of the surprise gainers of the last 24 hours. According to CoinMarketCap, the price of Celestia crypto increased by 15.2% as the price jumped from $6.42 to $7.39.
While the price had turned back to $6.83 at press time, AMBCrypto found reasons for the hike. Before the jump, TIA had hit its lowest price in eight months and was down almost 80% from its All-Time High (ATH).
TIA escapes, but bulls are getting exhausted
However, on-chain data from Santiment showed that the volume increased. On the 10th of July, TIA’s volume crossed $260 million. Volume indicates interest in a token.
If it increases, it means there is a lot of buying and selling. But a decrease in volume suggests that market participants have refrained from committing capital to cryptocurrency.
Source: Santiment
For Celestia crypto, the hike in volume coupled with the price increased implies that there was more buying than selling.
According to the 4-hour chart, TIA rose above the 200-day EMA (yellow) earlier. EMA stands for Exponential Moving Average (EMA). It measures price direction over a period of time.
If the 200 EMA slopes the below the price, it means the trend is bullish. However, if the indicator rises above the price, the trend is bearish.
At press time, Celestia was back below the indicator, suggesting that bulls’ strength had become weak. If this remains the case, Celestial crypto price might decrease to $6.44.
However, the Awesome Oscillator (AO), which measures momentum, was positive The positive reading of the AO indicates that increasing upward momentum for TIA.
Source: TradingView
Will the bullish sentiment remain?
If sustained, the value of the cryptocurrency might continue to rise, and a target of $8.09 might be attainable. But if this does not play out, the decline to $6.44 might be the next move.
In the meantime, AMBCrypto looked at the sentiment around the project. At press time, Santiment showed that the Weighted Sentiment had jumped to 2.745. Just two days ago, the reading languished in the negative region.
Weighted Sentiment uses social data to measure the perception about a project. When the reading is positive, it means most comments are positive.
However, a negative reading implies that market participants share a bearish position.
Therefore, the rise to the positive side implies that comments about Celestia has turned bullish.
If this remains the case, demand for Celestia crypto might increase, and this could also foreshadow another price increase for the token.
Source: Santiment
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However, traders in the market might need to keep an eye of happening in the market.
Should the broader sentiment turn bearish, TIA’s price might face an unexpected downturn. If this is the case, the token would plunge more holders into unrealized losses.