Celestia (TIA) has shown impressive resilience over the past week, bouncing back strongly from an early October downturn. The token is currently leading the crypto market's recovery on the daily timeframe, indicating a potential continuation of its bullish momentum as the month progresses.
TIA, the native token of the modular blockchain Celestia, has experienced a 7.3% increase in value over the last week. After dipping to a low of $4.5 on October 3, the cryptocurrency has now surged past the $5 mark as of Friday.
Celestia faced a significant downtrend following its all-time high (ATH) of $20 in March, undergoing a steep 80% correction that brought it down to $4 over the past six months. A retracement in September further pushed TIA below the $4 mark, marking its lowest price since early November 2023.
Despite the challenges in Q3, many investors remained optimistic, viewing Celestia's on-chain developments as potential catalysts for a recovery. This renewed interest has propelled the token to a 40.1% monthly increase, bolstering bullish sentiment in the community.
Today, TIA achieved a notable feat by registering eight consecutive hourly green candles, which boosted its price by 14%, climbing from the $4.9 range to the $5.6 resistance level, before stabilizing around $5.5. Over the past 24 hours, the token has recorded a remarkable 16.3% surge, making it the largest gainer among the top 100 cryptocurrencies by market capitalization, closely followed by Worldcoin (WLD), Dogwifhat (WIF), and Popcat (POPCAT).
Market analysts are closely monitoring Celestia’s performance, with many suggesting that a breakout could be imminent. Analyst Yuriy has noted that TIA's current activity indicates "a big move is coming," citing a significant increase in open interest (OI) over the past month.
Another analyst, Poseidon, emphasized the importance of TIA's recent 80% correction, suggesting that we might be nearing the end of a prolonged downside trend. He highlighted that the token's 4-month price range of $4-$7 could signify a potential bottom, supporting the ongoing bullish momentum.
However, Poseidon also pointed out that TIA needs to reclaim its 50-day and 200-day exponential moving averages (EMA) to confirm a trend shift. Additionally, crypto trader Bluntz has previously suggested that TIA may have already hit its bottom, noting an inverted head and shoulders pattern emerging after the recent weekly recovery.
As the crypto market continues to evolve, all eyes will be on Celestia to see if it can maintain its upward trajectory and solidify its position as a leading player in the space.
October 2024, Cryptoniteuae