Celestia (TIA) Emerges As The Market Leader With 16% Surge, Catalysts Revealed
July 09 2024 - 8:30PM
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After experiencing a significant price drop of 68% from its
all-time high of $20.85 on February 10th, the native token of the
modular data availability (DA) network Celestia TIA has experienced
a notable price recovery. On Tuesday, it emerged as the market’s
top performer with a 16.4% increase in the last 24 hours, currently
trading at $6.78. TIA Price Analysis Last Friday, July 5, the TIA
token hit an 8-month low of $4.16, influenced by the declining
prices of major cryptocurrencies and the cautious sentiment among
bullish investors. However, recent developments have reignited
interest in Celestia, allowing it to regain key indicators that
have prevented a more substantial surge. Related Reading: Bitcoin
Crash: Here’s What The Data Says About Buying The Dip A significant
resistance wall for TIA is its 200-day exponential moving average
(EMA) at $7.74, marked by the yellow line on the TIA/USD daily
chart below, which will be a crucial milestone for the token in the
coming days if the bullish trend continues, with the potential to
extend the price surge. However, before reaching this level,
Celestia will have to overcome another resistance level at $7.26,
which will act as an 8-month threshold for bearish investors to
prevent a potential continuation of the current rally. Orderly
Network Boosts Celestia Dominance Of On-Chain Perps Market expert
and technical analyst DeFiSquared highlights the nature of
Celestia’s recent uptrend, noting that despite current market
conditions driven by a perceived lack of utility in
cryptocurrencies, Celestia stands out as a blockchain
infrastructure that facilitates “real and useful activity.”
In a recent social media post, the expert noted that a significant
portion of the data posted on Celestia comes from the Orderly
Network, which provides permissionless liquidity for on-chain perps
markets – a sector with consistent and significant demand. The
Orderly Network handles a significant portion of the market’s
volume, exceeding half a billion daily trades and growing.
According to the analyst, the need for a data availability layer to
facilitate secure and permissionless liquidity for on-chain perps
markets has become apparent. Celestia’s role as a core piece of
infrastructure in this context positions it favorably for a strong
market bottom. Related Reading: Massive Mt. Gox Bitcoin Shift
Unlikely To Disrupt Prices, Says CryptoQuant CEO In addition, the
ongoing Modular Summit, with Celestia at the forefront, adds to the
positive sentiment surrounding the project, as evidenced by a 40%
increase in trading volume for the token over the past 24 hours,
amounting to $206 million, according to CoinGecko data. DeFiSquared
further explained that traders attempting to short the current
upward movement, negative funding rates on perpetual trading, and
indicators suggesting a potential market bottom contribute to
optimism. The analyst also highlighted that insiders cannot
sell their holdings due to their vesting cliff being 100+ days
away, providing additional stability to the market. Featured image
from DALL-E, chart from TradingView.com
Celestia (COIN:TIAUSD)
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