Celestia (TIA) Leads Crypto Market With 16% Surge, Will It Hit $7 This Month?
12 Ottobre 2024 - 5:00AM
NEWSBTC
Celestia (TIA) has displayed a remarkable performance over the
week, swiftly recovering from the early October crash. The token is
now leading the crypto market’s recovery in the daily timeframe,
suggesting a possible continuation of its bullish momentum before
the month ends. Related Reading: ‘Cardano Isn’t Dying’: Charles
Hoskinson Defends Project Amid ADA Price Criticism Celestia Leads
The Crypto Market TIA, the native token of modular blockchain
Celestia, has seen a 7.3% surge in the past week. The
cryptocurrency recovered from the October 3 lows, moving from the
$4.5 support level to trade above the $5 mark this Friday. Celestia
has been on a downtrend since hitting its March all-time high
(ATH), suffering a brutal 80% correction from $20 to $4 in the past
six months. September’s retrace dragged TIA below the $4 mark,
registering its lowest price since early November 2023. However,
the token’s Q3 retraces didn’t alarm many investors who considered
Celestia’s on-chain developments a potential bullish sign. Since
then, the cryptocurrency has seen a 40.1% monthly increase, fueling
the bullish sentiment among the community. Today, TIA registered
eight hourly consecutive green candles, propelling the price 14%
from the $4.9 zone to the $5.6 resistance level before retracing to
the $5.5 mark. Throughout the morning, the token has hovered
between $5.50-$5.55, recording a 16.3% surge in the past 24 hours.
This performance crowned Celestia as the largest gainer among the
top 100 cryptocurrencies by market capitalization, only followed by
Worldcoin (WLD), Dogwifhat (WIF), and Popcat (POPCAT). Is A Big
Move Coming For TIA? Several market watchers note Celetia’s
performance, suggesting that the cryptocurrency’s chart hints a
breakout may be around the corner. To crypto analyst Yuriy, TIA’s
performance indicates a “big move is coming,” remarking that its
open interest (OI) significantly increased in the past month.
Meanwhile, crypto analyst Poseidon noted TIA’s 80% correction,
asserting that we might be near the end of the “brutal downside
trend.” To the analyst, the price’s 4-month range between $4-$7
looks like a potential bottom, which could signify the ongoing
bullish momentum will continue. However, Poseidon asserted that TIA
must reclaim the 50-day and 200-day exponential moving average
(EMA) to call the trend shift. Similarly, crypto trader Bluntz
previously suggested that the cryptocurrency had bottomed,
displaying an inverted head and shoulders pattern after the weekly
recovery. Related Reading: Experts Discuss What Made Solana
Memecoins The Cycle’s Top Narrative Youtuber Crypto Jack noted that
Celestia’s bounce from the $4.5 support zone targets the upper
trendline of its 4-month consolidation range. To the analyst, the
bullish momentum could send TIA above the $7 resistance level this
month. Other analysts called it one of “the most tempting altcoins
to buy,” setting targets above $10 for Celestia. Nonetheless, some
noted that the upcoming token unlocks, set to start on October 30,
could negatively impact TIA’s price. Featured Image from
Unsplash.com, Chart from TradingView.com
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