Why Celestia (TIA) May Hit a New High After Recent Developments

The price of Celestia (TIA) briefly hit $7.48 on December 2, after the value jumped 4.16% in the last 24 hours. This value means the cryptocurrency reached a new All-Time High (ATH) after it had done so on numerous occasions since its launch.

However, press time data from CoinMarketCap showed that TIA’s price had slightly decreased to $7.34. The retracement could either be a sign of decreasing buying pressure, profit-taking, or both.

TIA 24-Hour Performance (Source: CoinMarketCap)

New Integration Helps TIA

Furthermore, there seemed to be other reasons that triggered a higher demand for TIA. One of which is the project’s recent integration with some Ethereum (ETH) L2s. On December 1, Celestia announced that it had integrated an Ethereum fallback.

According to the modular blockchain project, L2s including Optimism’s OP Stack and Arbitrum Nitro were involved in the development. Details from the announcement showed that the Arbitrum Nitro would help in storing on-chain if primary data gets lost.

OP Stack, on the other hand, would be responsible for preventing disruptions while ensuring that user funds do not get lost in between transactions. A development like this means market participants can trust the Celestia network better than before.

So, it is also likely that these players decide to entrust their funds with the project’s native token. From the TIA/USD 4-hour chart, bulls were largely in control of the price action. This assertion was evident in the previous attempts by sellers to halt the TIA uptrend.

TIA Bulls Leave Nothing to Chance

For instance, sellers tried to pull down the movement at $6.42. But a sharp bullish candle implied that buyers were having none of that. Another attempt was made at $7.11. But like the previous one, it was quickly put out.

However, TIA may retrace from the highs according to indications from the Relative Strength Index (RSI). As of this writing, the RSI was 73.71, suggesting that TIA was overbought. While there is a chance that the buying momentum may increase, the overbought conditions may also pull TIA down from $7.31.

But if TIA’s price decreases, there is a chance that it could recover in no time. This was because of the Awesome Oscillator (AO). At press time, the AO was 09.5 while forming green bars with higher highs.

TIA/USD 4-Hour Chart (Source: TradingView)

The AO reading implies bullish momentum for TIA. As it stands, the cryptocurrency tends to hit a new ATH. But that would only happen as long as selling pressure does not overrun bulls’ dominance.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source