In 10 days, modular blockchain project Celestia (TIA) will release 80.77% of its circulating supply, valued at $1.05 billion. This impending token release has sparked concerns about potential selling pressure, which could affect TIA’s price.
BeInCrypto explores how the altcoin, which has experienced volatile price swings in recent days, might perform before the event.
Celestia Faces Selling Pressure as Huge Token Unlock Approaches
For Celestia, this upcoming token release represents one of the largest since the project’s inception. As a result, TIA’s price is expected to face significant volatility in the lead-up to the event.
Currently, Celestia’s price is $5.95 and has been hovering around that same region for some time. However, based on the signal from the Chaikin Money Flow (CMF), the altcoin might drop below $5.
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The CMF is a volume-weighted oscillator that tracks the flow of money into or out of a cryptocurrency over a set period. It’s commonly used to identify trends, spot potential reversals, and gauge overbought or oversold conditions.
Furthermore, the indicator oscillates above and below zero, with positive readings indicating an uptrend and negative readings indicating a downtrend. As seen below, the CMF reading is in thhe negative region, suggesting that TIA’s price might soon experience a significant downturn.
TIA Price Prediction: Bears to Put It Below $4
From a technical perspective, the TIA/USD
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Author: Victor Olanrewaju
