Celestia (TIA) has experienced a sharp decline, with its price plummeting over 15% in the last 24 hours and nearly 40% in the past 30 days. This significant drop has reduced its market capitalization to $2.2 billion.
Bearish Signals Prevail:
The recent price action is accompanied by a confluence of bearish signals. A critical development is the formation of a death cross, where a short-term moving average crosses below a long-term moving average, suggesting a prolonged downtrend.
ADX Confirms Strengthening Downtrend:
The Average Directional Index (ADX), a measure of trend strength, has risen sharply, indicating a strengthening downtrend. This is further supported by the Directional Movement Index, which shows a significant increase in selling pressure (-DI) while buying pressure (+DI) weakens considerably.
Support and Resistance Levels:
While TIA currently holds support at $4.54, a breach could trigger a further decline towards $4.16. Conversely, a recovery and break above the $5.50 resistance level would be necessary to signal a potential reversal of the downtrend.
Overall Outlook:
The current market sentiment for TIA remains negative, with bearish signals dominating the technical landscape. Investors should exercise caution and closely monitor price action around the key support and resistance levels.
January 2025, Cryptoniteuae