Celestia (TIA) Leads Crypto Market With 16% Surge, Will It Hit $7 This Month?
Celestia (TIA) has displayed a remarkable performance over the week, swiftly recovering from the early October crash. The token is now leading the crypto markets recovery in the daily timeframe, suggesting a possible continuation of its bullish momentum before the month ends.
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. Septembers retrace dragged TIA below the $4 mark, registering its lowest price since early November 2023.
However, the tokens Q3 retraces didnt alarm many investors who considered Celestias 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 Celetias performance, suggesting that the cryptocurrencys chart hints a breakout may be around the corner. To crypto analyst Yuriy, TIAs performance indicates a big move is coming, remarking that its open interest (OI) significantly increased in the past month.
Meanwhile, crypto analyst Poseidon noted TIAs 80% correction, asserting that we might be near the end of the brutal downside trend. To the analyst, the prices 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.
Youtuber Crypto Jack noted that Celestias 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 TIAs price.
Source: NewsBTC.com
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Text source: Crypto Breaking News
