2024-7-11 00:00 |
Celestia’s (TIA) price rise in the last few days made it one of the best-performing assets this week and in the last 24 hours.
But instead of imbuing confidence and optimism, the rally inspired investors to take a different, more bearish path to churn profits.
Celestia Investors Want a CrashCelestia’s price had a good run this week as the altcoin recovered most of its recent losses. But as this happened, TIA holders got the idea to take a more destructive idea of shorting the altcoin heavily. Signs of the same are visible in the Open Interest and Funding Rate.
Celestia’s Open Interest has spiked significantly in the last two days, doubling from $80 million to $190 million. This sharp increase indicates a substantial surge in trading activity and investment in the altcoin.
TIA Open Interest. Source: CoinglassThe rapid rise in Open Interest generally highlights growing interest and confidence among traders and investors. But this is not the case with Celestia. TIA traders are pining for a price decline, which can be noted in the direction of the funding rate.
TIA’s Funding rate has turned negative from positive, reaching the highest point since its inception. A negative funding rate typically indicates that short positions are paying long positions, reflecting a bearish sentiment among traders.
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TIA Funding Rate. Source: CoinglassCombining the two metrics, it becomes evident that the surge in OI is showcasing the rise in short contracts, bringing the funding rate down to historic lows. This shows that TIA holders are expecting and demanding a price drawdown following the rally.
TIA Price Prediction: Where Could It End Up?Celestia’s price can take two directions. One is as per the demand of the investors, and the second is the one that the market suggests. IF TIA follows investors’ demand, it could end up losing the recent gains and drop to $4.9.
Trading at $6.6, this could result in a 24% decline, signs of which are already visible in the 8% decline today.
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Celestia Price Analysis. Source: TradingViewOn the other hand, if the price jumps back up to breach and flips $7.2 into a support level, a rise beyond $8.1 is likely. This would push Celestia’s price to $10 and invalidate the bearish thesis.
The post Celestia (TIA) Price Rising by 50% Triggers Historical Shorting appeared first on BeInCrypto.
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