Celestia (TIA) has reached its highest exchange outflow this month as its value surged by 10% in the last 24 hours. This significant outflow implies that TIA holders are optimistic, possibly viewing the recent hike as the start of an extended rally.
While that may be valid considering the broader market rebound, this analysis checks how high TIA’s price can go.
Celestia Sees Significant Outflows, Volume Jumps
On Wednesday, November 6, Coinglass data revealed a negative reading for the spot inflow/outflow metric, which tracks the movement of tokens into and out of exchanges. This particular reading suggests a bullish shift, as about $5.62 million worth of TIA flowed out of exchanges.
When outflows exceed inflows, it typically indicates that holders are not looking to sell, and they might be anticipating further price gains.
Interestingly, the increase in Celestia exchange outflows coincided with TIA’s 10% surge. This combination of factors points to a growing conviction among holders that the recent price hike could be the beginning of a longer-term rally.
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If the trend continues, then the current rally might have more legs to run. Furthermore, alongside the price increase and exchange outflow, Celestia’s on-chain volume also surged.
According to Santiment, TIA’s volume rose above $350 million earlier today. While it has slightly decreased at press time, it is notably much higher than the value it has reached from all the previous days in November.
While volume measures the level of interest in a cryptocurrency, it can also be vital in determining price direction. Typically, when volume falls and price rises, the uptrend could weaken. However, in this case, the hike suggests that Celestia’s price might continue to climb.
TIA Price Performance: Token Eye More Gains
On the daily chart, Celestia is approaching a key technical level, as the price is on the verge of breaking above the Ichimoku Cloud. The Ichimoku Cloud is a powerful indicator used to assess the overall trend direction and potential support and resistance levels.
When the cloud is below the price, there is enough support to drive an extended uptrend. But being above it suggests resistance and price might decrease. As observed, TIA bulls are making a concerted effort to push the price above the Ichimoku Cloud, with notable strength being demonstrated by the Bull Bear Power (BBP) indicator.
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If successful, TIA’s price might jump to $6.15 in the near term. On the other hand, if Celestia exchange outflow drops and inflow rises, this prediction could be invalidated. In that scenario, TIA’s price might decline to $3.73.
Disclaimer
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