- Celestia Network’s native cryptocurrency TIA is making strong moves, gaining over 50% in the past week.
- Firstly, the notable catalyst includes an increase in staking activities and the rapid growth of unique wallets.
- Despite positive fundamentals, there are signs of overextension in TIA charts.
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The native cryptocurrency of Celestia Network, TIA, stands out with its rising performance in recent weeks: Will TIA token experience a decline?
Rising Trend in Celestia Network’s TIA Token
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Celestia Network’s native cryptocurrency TIA is making strong moves, gaining over 50% in the past week. Currently, the TIA price has dropped by 1.4%, trading at $19.26 with a market capitalization of $3.1 billion. In a notable surge, Celestia’s native cryptocurrency TIA experienced a significant rally, and several factors seem to have contributed to this impressive performance.
Firstly, the increase in staking activities and the rapid growth of unique wallets are noteworthy catalysts. Recent data shows that Celestia’s staking unique wallets have surpassed 300,000, indicating a significant doubling within just one week. This rise not only reflects a substantial increase in stakers but also demonstrates growing confidence in Celestia’s long-term potential among new users.
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Additionally, Celestia, a relatively young project launched in October 2023, seems to evaluate positive community sentiment and leverage its first-mover advantage in the space. Positioned as the “first modular blockchain” focused on scalability in a crypto landscape with high competition, Celestia offers a distinctive value proposition. This unique positioning is likely to contribute to the project’s success and the recent rally of the native token TIA.
What Do Technical Charts Say?
Despite positive fundamentals, there seem to be signs of overextension in TIA charts, according to analysts. On the daily timeframe, TIA made a strong breakout from its trading range and entered a price discovery phase. However, following this sharp upward movement, the token currently appears poised for a potential pullback.
An example indicating this situation is provided by the daily Relative Strength Index (RSI), which has risen to 71. Readings exceeding 70 often indicate overbought conditions and imply a potential upcoming reversal. Taking a closer look at shorter timeframes, the 4-hour and 1-hour RSI signal buy conditions at 62 and 51, respectively. This indicates an increased likelihood of a short-term reversal play.
Potential support levels for the expected pullback in Celestia’s token (TIA) are determined by upward Fibonacci projections, including key Fib levels like $17.79 (23.6% retracement), $16.18 (38.2% retracement), $14.87 (50% retracement). Technical indicators suggest that the TIA price rally is overextended, indicating a possibility of a 15% to 25% pullback in the coming days or weeks.