Celestia Loses Momentum: Anticipating A Rebound Post 11% Dip

Christian Encila

1 year ago

3 mins read

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Celestia witnessed a notable decrease in its price over the current week, indicating the conclusion of its recent upward trend. Celestia’s total market capitalization dropped below $800 million as a result of this decrease.

Tuesday’s low for TIA was $5.4, the lowest since last week, and represented a significant 20% decline from the stock’s highest point earlier this year. TIA, currently trading at $5.85, has shed 11% in the last 24 hours, based on latest data.

Celestia Tallies Over 200% Rally

After becoming public in October, the TIA token experienced a remarkable 232% increase, peaking at $7.50. Celestia’s overall market capitalization was close to $1 trillion at its peak.

Celestia had been a notable performer in the cryptocurrency industry before the current setback, especially after its successful airdrop earlier in the year.

With minimal sell pressure disrupting the members’ enthusiasm, Celestia accomplished what prior airdrops, like Arbitrum, were unable to: TIA mounted a prolonged upward move after the airdrop distribution.

TIAUSD trading at $5.8 on the 24-hour chart: TradingView.com

Significant upward trends in key cryptocurrencies such as Tron, Solana, and Bitcoin were the reason for Celestia’s success in the wider crypto sector. Generally speaking, airdrops work best when cryptocurrency values are rising.

Meanwhile, Celestia’s price is going up to retrace back into the breakout channel. Its native token, Buyers quickly picked up on the retracement dump, which put the Celestia price back above the important lower trendline support in the breakout trade channel.

During the pullback, there was a second indication of a supply zone between $4 and $5, which suggests that this could be the bottom of a new range below $7.

Celestia bills itself as the first blockchain network that is modular and evolves with the amount of users within its ecosystem. This facilitates the cost-effective and simple launch of blockchains.

TIA seven-day price action. Source: Coingecko

Growing Ecosystem

The ecosystem of Celestia is still tiny yet expanding. A few components of its ecosystem are Aether Games, Berachain, Cartesi, Astria, and CosmWasm. However, as of late, there hasn’t been any significant activity on the chain, subdued its activity.

Celestia is a modular blockchain that can grow with the needs of its users in an efficient manner. Since its debut, it has expanded dramatically, and most recently, the Celestia cryptocurrency recently tallied an impressive 170% price surge that generated a lot of interest in it.

With support from OKX, the network just opened its mainnet and distributed airdrops to more than 190,000 users, even though over 610,000 users were qualified.

Source: TradingView

TIA Could Hit $10

According to the on-chart data, its market valuation of nearly $795 million places it as the 64th largest cryptocurrency at the moment. Analysts believe that Celestia’s price might reach as high as $10.59 by the first quarter of 2024, despite its most recently declines.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Adam Krypel/Pexels

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.