Key takeaways
- Celestia’s (TIA) price increased by 10% within 24 hours.
- A significant $5.62 million in TIA tokens flowed out of exchanges, suggesting investors expect continued price growth for TIA.
- TIA’s trading volume peaked at $350 million before pulling back slightly, signaling strong market interest. Public, emphasizing strict adherence to local financial regulations.
Celestia Price Surge Backed by Exchange Outflows
Celestia (TIA) recorded a 10% price surge in just 24 hours, marking one of its most impressive rallies this month, according to CoinMarketCap. This surge is particularly notable because it coincided with a large exchange outflow.
A high exchange outflow typically indicates that investors are holding onto their assets. This also suggests that the investors could be preparing for a potential extended rally.
This was the case for Celestia as on November 6, Coinglass data showed a notable outflow of $5.62 million worth of TIA from exchanges.
For context, exchange inflow and outflow data track how many tokens move into or out of trading platforms. These moves reflect growing optimism and could mean the altcoin’s rally still has momentum.
The increase in Celestia’s price and exchange outflows wasn’t the only notable development. According to CoinMarketCap data, TIA’s total value saw a significant spike, surpassing $2 billion.
Also, in the early hours of today, its trading volume rose to $300 million. While the volume has slightly dropped since then, it remains significantly higher than it had been in previous days.
A rise in trading volume typically indicates increased interest in a cryptocurrency.
TIA Eyes Key Resistance Level
As Celestia continues its upward momentum, technical analysis shows that the token is approaching a crucial resistance level. Specifically, TIA is nearing a point where it could break above the Ichimoku Cloud on its 4H chart.
The Ichimoku Cloud is a trading tool used to predict trends and find support and resistance levels.
For TIA, bulls are currently trying to push the price above this resistance zone. If they succeed, it could pave the way for even more gains.
The next target for TIA’s price is around $6.15, a level that many traders are watching closely. In addition, TIA’s PVT level is currently at 22 million, validating the bullish trend in the market.
The chart above shows that the SuperTrend is displaying a “buy signal.” Supporting this is the CMF indicator, currently at 0.15.
These indicators point to a strong bullish momentum, possibly pushing TIA to the $6 target. However, if the price struggles to break above the Ichimoku Cloud resistance, there’s a chance that it could retrace back to $3.73.
Overall, Celestia’s recent 10% price increase, combined with the surge in exchange outflows and trading volume, points to strong optimism among investors.
With bulls pushing the price toward key resistance levels, the next few days will be crucial in determining whether TIA can sustain its upward momentum.
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