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Home»TRADING NEWS»Celestia (TIA) Price Struggles as Major Token Unlock Approaches
TRADING NEWS

Celestia (TIA) Price Struggles as Major Token Unlock Approaches

By Crypto FlexsOctober 29, 20243 Mins Read
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Celestia (TIA) Price Struggles as Major Token Unlock Approaches
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Celestia (TIA) price will face serious challenges in the coming days as several factors will influence its movement. The upcoming token unlock event, which will introduce significant amounts of new supply, could increase selling pressure and add volatility.

Recent RSI movements indicate a slight improvement in market momentum, but the indicator is still close to oversold territory. Additionally, the EMA line continues to indicate a bearish trend, suggesting that prices may face resistance if they rise amid expected supply increases.

TIA token unlocking may impact the price in the coming days.

This week saw significant changes for TIA, with 73.3% of circulating supply entering the market. At current prices as of October 30, 175 million TIA tokens will be unlocked, worth approximately $859 million.

Following this substantial launch, TIA will unlock approximately 950,000 tokens per day, steadily expanding the circulating supply over time.

Read more: 10 Best Altcoin Exchanges in 2024

Unlock TIA token. Source: DeFiLlama

Given TIA’s total token supply of 1 billion, there will be 175 million tokens released in the future. This represents a huge increase of approximately 17.5% of total supply. This sudden influx can have serious implications for TIA. Price, especially in the short term.

A significant increase in supply without a corresponding increase in demand may increase selling pressure as recipients of unlocked tokens may choose to sell. Such a scenario could result in a price decline as the market absorbs the rapid increase in circulating tokens.

Celestia RSI is back from oversold

TIA’s Relative Strength Index (RSI) rose to 31.79 from 29 a day ago, indicating some change in market momentum. This recent increase shows that some buying activity has occurred, reducing downward pressure and signaling a potential stabilization.

Celestia (TIA) Relative Strength Index
Celestia (TIA) Relative Strength Index. Source: TradingView

RSI is a momentum oscillator ranging from 0 to 100 and is used to measure whether an asset is overbought or oversold. Typically, RSI below 30 indicates oversold conditions, and above 70 indicates overbought conditions. The current TIA RSI of 31.79 is still close to oversold territory, but suggests that selling pressure may have eased slightly.

Considering the upcoming token unlock, when 175 million TIA tokens hit the market, this increase in supply could push RSI back towards oversold levels. An influx of tokens could have a further negative impact on the price by increasing selling pressure.

TIA Price Prediction: Is a 24% Correction Possible Ahead?

TIA price is currently trading below all four EMAs, indicating bearish momentum. The crossing of the short EMA below the long EMA shows that the downtrend is strengthening.

The separation between the EMAs suggests growing bearish pressure, with little evidence of a reversal attempt so far.

Read more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season

Celestia (TIA) EMA price line.
Celestia (TIA) EMA price line. Source: TradingView

The blue lines above the current price represent resistance levels around $5.73, $6.50, and $6.89, which are important hurdles for the price to overcome in a bullish move.

On the downside, immediate support levels are marked in red at $4.68 and $4.47. If selling pressure continues and the price falls due to TIA unlocks, TIA could fall back to $3.72. This represents a potential 24% price adjustment.

disclaimer

In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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