- TIA is on the verge of breaking through a major price resistance.
- Despite the price, more traders have taken short positions.
Celestia has recently experienced one of the most positive price trends in the past seven days, growing its market capitalization significantly.
However, despite the upward price momentum, the funding rate for Celestia remains negative, indicating a divergence between sentiment in the spot and derivatives markets.
Celestia is showing positive trends despite the recent decline
A recent analysis of Celestia on a daily time frame shows positive trends over the past few days. Although the token suffered a decline of more than 5% during the previous trading session, falling to around $4.50, it has since recovered.
At the time of writing, Celestia is up over 8% and is trading at around $4.90.
Source: TradingView
The data also indicates that Celestia is approaching a key resistance level, which coincides with the short-term moving average.
Moreover, Celestia has already crossed one important resistance: the neutral line on the Relative Strength Index (RSI). The RSI is now approaching 60, indicating a possible bullish run.
Celestia is among the top winners with a gain of more than 18%
According to CoinMarketCapCelestia (TIA) has emerged as one of the biggest gainers of the past 24 hours. The data shows that the TIA has increased by over 5%, making it the second highest gainer at the time of writing.
Over the past seven days, Celestia is the third highest gainer, up an impressive 18%.
Source: CoinMarketCap
Furthermore, an analysis of Celestia’s market cap shows significant growth over the past week, rising from approximately $879 million to over $1 billion.
However, over a 30-day period, the data indicates that the market cap is still below its value a month ago, when it was around $1.2 billion.
TIA’s positive price movements are not reflected in derivatives
Despite recent positive price developments, Celestia’s derivatives market has not reflected this optimism, data from Mint glass.
An analysis of the financing rate shows that it has remained below zero in recent weeks, suggesting that there have been more sellers than buyers during this period.
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This suggests that many traders are taking short positions on Celestia, expecting the price to fall.
However, if spot market trading volume continues to rise and outpace derivatives market sentiment, Celestia (TIA) could still experience further price growth despite the bearish outlook from derivatives traders.