Celestia (TIA) Emerges As The Market Leader With 16% Surge, Catalysts Revealed
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 markets 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.
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 Celestias 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 markets 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. Celestias role as a core piece of infrastructure in this context positions it favorably for a strong market bottom.
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
Source: NewsBTC.com
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