Wyckoff Points to More Downside
The price of Celestia (TIA) fell this week after the recent rally lost momentum. The TIA token fell to a low of $5.6 on Tuesday, the lowest since November 16. It is down more than 24% from this year’s high. This crash has brought the total market capitalization to approximately $800 million.
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Celestia was one of the most successful airdrops this year. After the TIA token went public in October, it rose over 232% to reach a high of $7.50. At its peak, Celestia had a total market capitalization of almost $1 trillion.
Celestia did well because of the current state of the crypto industry. Most cryptocurrencies such as Bitcoin, Solana and Tron have all soared. In most cases, airdrops do well when crypto prices are in an uptrend.
For starters, Celestia describes itself as the first modular blockchain network that grows as the number of users in its ecosystem grows. This makes it easy and cost-efficient for people to launch their blockchains.
Celestia’s ecosystem is still small, but growing. Some parts of the ecosystem include Cartesi, Aether Games, Astria, CosmWasm and Berachain. However, activity on the chain has recently muted and there is no major activity going on.
Celestia price prediction
In most cases, cryptocurrencies that have their airdrops during a crypto bull run tend to do well in the short term. This explains why the TIA token price has risen sharply in recent days.
The recent rally can be explained through a concept known as the Wyckoff method. This age-old method explains how financial assets move over time. As shown above, the token initially moved sideways, a process called accumulation. This is a phase where the smart money accumulates an asset for a while.
The second stage is known as a markup, where demand exceeds supply. This phase is characterized by a higher price. It has now moved into the distribution phase, where the bullish trend is fading. Now it has been moved to the write-down phase. It has also fallen below the 25- and 50-period moving averages.
Therefore, the outlook for the Celestia TIA token is bearish, with the next major support point being $4.86, the 50% retracement level. This price is approximately 15% below current levels,
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This publication is initially composed on: 2023-11-21 10:55:45. Discover more information here: www.banklesstimes.com.
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