Support from the descending channel has helped TIA rebound, which is an important level to monitor.
Will the recent active buying be enough to drive the price of Celestia [TIA] up significantly?
In the last 24 hours, the price of Celestia [TIA] fell by 11%, under pressure from market fluctuations that caused Bitcoin [BTC] to drop from 106K USD to 102K USD. However, investors seem to see this as an opportunity to accumulate rather than panic sell.
Despite the impact of global political tensions, market sentiment remains positive. Many investors are actively buying more than selling, hoping for a reversal of this cryptocurrency.
Increasing accumulation – What are investors doing?
In the last 24 hours, the accumulation activity of TIA has shown a significant increase despite the overall market decline.
According to CoinGlass’s Spot Exchange Netflow, approximately 401,000 USD worth of TIA has been purchased during this period, raising the total weekly value to 6.94 million USD.
This is the highest weekly entry level in over three weeks, indicating that investors are beginning to shift towards a more positive state.
Source: CoinGlass
Accumulation activity is not limited to spot markets.
The average Funding Rate according to futures contracts remains at a positive 0.0002%, indicating that traders still maintain an optimistic sentiment despite the turbulence.
If this index continues to rise, it will be a signal that the confidence of long-term margin traders is increasingly solidifying.
On-chain indicators demonstrate that the accumulation trend is gradually becoming clearer.
On-chain technical indicators reinforce the buying hypothesis.
At the time of writing, the accumulation/distribution (A/D) money flow index has slightly increased to 39.85 million, indicating that the amount of Tokens bought is greater than the amount sold.
This provides a more objective view for the hypothesis that demand is gradually increasing, albeit slowly.
Source: TradingView
Additionally, the MFI index has risen to 32.15. Although still below the threshold of 50, this signal indicates that liquidity has begun to recover, preparing for a more viable advance.
Will history repeat itself for TIA?
Analysis from TinTucBitcoin indicates that the current buying power appears just as TIA hits an important support level on the chart.
This support level is at the lower boundary of the descending channel, where growth phases have been triggered three times in the past.
While the outlook from this level remains positive, Fibonacci Retracement analysis shows there are two major resistances that need to be overcome to reach the channel peak.
Source: TradingView
The first resistance level is 1.606 USD, followed by 1.732 USD.
If TIA successfully breaks through both of these resistance levels, the bulls may target 1.834 USD, corresponding to a potential increase of 30% compared to the current price.
However, if it cannot break through, the market may continue to move sideways, waiting for a new advance as liquidity returns more abundantly.
Source: https://tintucbitcoin.com/celestia-vuot-song-tia-bat-chap-giam-bitcoin/
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