In recent times, Celestia (TIA) has shown a pattern of red candlesticks, hinting at a possible upcoming correction. Notably, there is a lack of investor enthusiasm towards this altcoin presently. The projected trajectory for TIA seems to mirror Bitcoin's decline below $60,000, possibly reaching its lowest point in five months.

The decline in Celestia's price aligns with the overall crypto market downturn last month, with a significant impact on investor sentiment towards TIA. This shift is evident in a 50% decrease in Open Interest (OI) over the past month. Initially, both short and long positions totaling $233 million were held in TIA at the start of March. However, this figure has since plummeted to $113 million, less than half of the previous OI, indicating a shift towards more cautious and selective trading strategies.

The dwindling interest in TIA can be attributed to its strong correlation with Bitcoin, with a correlation coefficient of 0.96, signifying closely mirrored price movements. Given Bitcoin's current price dip below $60,000, a corresponding decline in TIA's price is not unexpected. As investors anticipate further drops in Bitcoin, a similar downward trend for Celestia (TIA) is anticipated under the current market conditions, potentially leading to further price decreases in the near future.

Analyzing Celestia's (TIA) recent price actions reveals a testing of the support level at $9.2. A breach of this support could trigger a price decline towards the subsequent support at $8.3. However, breaking below $8.3 could confirm a bearish trend, potentially driving TIA's price down to $7. On the contrary, if the $8.3 support level manages to halt the downward momentum, TIA could see a resurgence from this point. Reclaiming the $10 mark could potentially recover half of the previous losses and invalidate the bearish outlook.