Celestia has recently witnessed a surge in its value, making significant gains in market capitalization over the past week.
Despite the positive price movement, the funding rate for Celestia indicates a cautious outlook, with a notable disparity between the sentiments of the spot and derivatives markets.
Upward Momentum Maintained Despite Recent Downturn
An assessment of Celestia’s performance on a daily basis shows consistent positive trends in recent days. While the token experienced a slight dip of more than 5% in the previous trading period, falling to around $4.50, it has since recovered.
Presently, Celestia has surged by over 8%, with a trading value of approximately $4.90.
Analysis also suggests that Celestia is approaching a critical resistance level, aligning with its short-term moving average. Furthermore, it has surpassed a significant resistance point—the neutral line on its Relative Strength Index (RSI), now nearing 60, hinting at a potential bullish trend.
Celestia Ranks Among Top Performers with 18% Growth
Per data from CoinMarketCap, Celestia (TIA) has emerged as one of the leading gainers over the last 24 hours, showing a gain of over 5% and securing the second-highest position in terms of growth.
Over the preceding week, Celestia stands as the third-highest gainer with an impressive increase of 18%.
Moreover, an examination of Celestia’s market capitalization highlights a substantial growth trend in the past week, soaring from about $879 million to over $1 billion. However, over a 30-day period, the market capitalization remains lower compared to a month ago when it reached around $1.2 billion.
Derivatives Market Fails to Reflect TIA’s Positive Price Actions
Despite the recent upsurge in price, Celestia’s derivative market does not share the same optimism, as per data from Coinglass.
The funding rate analysis illustrates a consistent negative trend over the past weeks, indicating a prevalence of sellers over buyers during this period.
This scenario implies that many traders are opting for short positions on Celestia, anticipating a decline in its value. Nevertheless, if the spot trading volume continues to rise, overshadowing the sentiment in the derivative market, Celestia (TIA) might still witness further price appreciation, despite the bearish sentiment prevailing among derivative traders.