Celestia crypto lost major support at $5 and crashed today in conjunction with the broader market. The bulls surrendered after a short struggle near $6 as the price resumed indicating a bearish continuation.
At the time of writing, TIA had slumped nearly 8.17% and was exchanging hands at the $4.79 level. The live market capitalization of TIA fell below $1 Billion to $949 Million.
Celestia is first modular blockchain which allows anyone to deploy their own blockchain with minimum overhead. It has a total supply of 1.053 Billion tokens out of which 194.96 Million tokens are currently in circulation.
Weighted Sentiment Curve Turned Bearish
With the price crash in the recent sessions, there has been a significant development in the weighted sentiment curve. As per the data obtained by an on-chain analytics website, the bullish sentiments have faded away due to which the weighted sentiment curve has dropped below the zero line indicating a bearish domination.
Moreover, the weighted sentiment curve serves as a barometer for the collective mood of investors and traders, indicating whether optimism (bulls) or pessimism (bears) is prevailing. A positive weighted sentiment signifies a bullish outlook, while a negative one reflects a bearish stance within the cryptocurrency market.
TIA Crypto Price Action Analysis
TIA crypto has been under strong selling pressure which is evident after the price crashed below the recent psychological level of $5. The price is well below all the 20, 50 and 200 day EMAs highlighting a bearish continuation.
If the bearish momentum resumes, TIA may drop to the $4 and $2.8 support levels. A short term surge may turn out as a sell on rise opportunity for the bears.
At the time of writing, the RSI line was placed at 25.30 points and that of the 14 day SMA line was placed at 29.08 points. Both the RSI and SMA line points to an oversold scenario. Moreover, a bearish crossover was observed adding more to the worse.
Conclusion
Celestia (TIA) had fallen below the crucial $5 support level indicating weakness on the charts. With the recent fall, the price had dropped to $4.79, with market cap at $949 Million. Moreover, the weighted sentiment curve had dropped below the zero line, indicating a shift to bearish bias in the crypto.
TIA fell below all the key EMAs, suggesting that the bearish trend may persist. Now, if the downturn continues, TIA could drop to the support levels of $4 and $2.8.
The RSI and SMA indicate an oversold condition. Also, a bearish crossover hints at potential further declines. A short term price-rise may turn out as a sell on rise opportunity for the bears.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
