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The Celestia Network's native cryptocurrency, TIA coin, is rising quickly—it has gained more than 50% in the past week. With a market valuation of $3.1 billion, the TIA is presently trading at $19.82, up 6.33% as of the time of publication
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The Reason for the TIA Price Rally:
The native cryptocurrency of Celestia, TIA, has seen a significant upswing in value, and a number of reasons appear to have played a role in this remarkable success.
First off, a notable trigger is the sharp increase in staking activity and the quick development of new wallets. According to recent data given on Twitter by @layerggofficial, Celestia has over 300,000 unique wallets staking, which is an astounding doubling in just one week. This spike indicates a notable rise in stakers as well as an increasing level of new user confidence in Celestia's long-term potential.
Furthermore, Celestia, a relatively new project that debuted in October 2023, seems to be taking advantage of the favorable feeling in the community and its first-mover advantage in a niche market. With a primary focus on scalability and positioned as the "first modular blockchain," Celestia offers a unique value proposition in the fiercely competitive cryptocurrency market. The project's success and the recent increase in value of its native token, TIA, are probably being aided by its distinctive stance.
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What Is Indicated by Technical Charts?
CaptainAltcoin reports that TIA's charts show evidence of overextension despite the stock's strong fundamentals. TIA entered a price discovery phase after making a big breakthrough from its trading range on the daily timeframe. But after such a strong surge upward, the token now seems ready for a possible decline.
The daily Relative Strength Index (RSI), which has risen to 73, serves as an example. Readings above 70 frequently point to overbought situations and suggest an impending reversal. Analyzing shorter timeframes in more detail reveals comparable technical signs of fatigue. At 70 and 77, respectively, the 4-hour and 1-hour RSIs are indicating overbought circumstances. Additionally, this raises the possibility of a short-term reversion play.
>Upside Fibonacci projections show possible support levels for the expected pullback in Celestia's token (TIA), with important Fib levels at $17.5 (23.6% retracement), $16.2 (38.2% retracement), and $15 (50% retracement).
The TIA price gain appears overextended, according to technical indicators, indicating that a 15%–25% decline is likely in the next few days or weeks.