Celestia\'s (TIA) Token Rebounds After a 68% Plunge, Faces Resistance at 200-Day EMA
- 王林Original
- 2024-07-17 01:07:00723browse
In a scintillating series of events, the modular data availability (DA) network Celestia's native token, TIA, saw its value experience a roller-coaster ride.
Celestia's (CELT) native token, TIA, experienced a dramatic surge in value on Tuesday, ranking as the day's top-performing token in the market. The token saw a rapid ascent of 16.4% within a span of 24 hours, continuing its recent rally and reaching a trading price of $6.78.
The surge follows a steep decline in the value of TIA tokens, which fell to an 8-month low of $4.16 on Friday, July 5. The broader market also saw a downturn, with several major cryptocurrencies, including Bitcoin (BTC), experiencing losses. A bearish sentiment among bullish investors and the threat of a bear market seemed to be driving the السوق.
However, recent stirrings within the market and attention on Celestia's modular blockchain technology have spurred a recovery in the price of TIA tokens, preventing a large surge in value and forestalling the tokens from reaching a key resistance level.
The TIA tokens now face a formidable resistance wall at its 200-day exponential moving average (EMA), which stands at $7.74. This barrier is depicted by the yellow line on the TIA/USD daily chart and marks a critical juncture in the token's price movement. But if the bullish trend continues, the tokens could extend their surge and break past this substantial hurdle.
Celestia's modular blockchain is designed to enhance the scalability and interoperability of Web3 applications. It enables applications to be broken down into smaller, reusable components and deployed across multiple chains. This architecture is gaining attention as a solution to the limitations faced by monolithic blockchains.
One key application that leverages Celestia's modularity is the Orderly Network, which enables permissionless liquidity for on-chain perpetual trading markets. This integration is crucial for the market to continue functioning and expanding.
As Celestia's modular blockchain is used to deploy Orderly Network, it benefits from the high demand for on-chain perpetual trading. The network controls a significant portion of the market volume, with more than half a billion daily trades being carried out. Celestia's role in this infrastructure enables secure and permissionless liquidity for the on-chain perpetual trading markets.
In light of Celestia's modular blockchain being used for this critical application and the markets continuing to prepare for the Modular Summit, where Celestia is at the forefront, there is a positive sentiment around the project.
To put it into perspective, there was a 40% surge in TIA token trading, which amounted to a colossal $206 million over a span of 24 hours, according to CoinGecko data.
The traders who are looking to short the current upward trend and negative funding rates on perpetual trading are suggesting a potential market bottom, painting an optimistic future for Celestia.
Moreover, the additional stability is having insiders unable to sell their holdings due to their vesting cliff being 100+ days away. This lack of insider transactions bodes well for the reinforcement of the delicate market balance.
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