Celestia (TIA)’s price has been on a tear lately, pumping 30% today to hit a new all-time high of $13. At the time of writing, TIA is trading around $12.2, up significantly from its recent low of $2.43 on November 10th.
This rapid upward movement has played out within the confines of an ascending parallel channel on the daily chart. Both the resistance and support trendlines of this bullish pattern have been validated multiple times now.
Much of the renewed interest in TIA likely stems from the successful launch of Celestia’s Mainnet Beta, codenamed Lemon Mint, on October 31st. This marked the debut of the first modular data availability network, giving developers an exciting new platform to build decentralized applications.
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The modular stack at the heart of Celestia encourages innovation, especially in emerging sectors like blockchain gaming. With so much potential in this still-nascent network, it’s no wonder TIA price activity has taken off.
Looking at technical indicators, the daily relative strength index (RSI) for TIA now reads 79. An RSI above 70 typically signals overbought conditions and raises the chance of a pullback. However, in strong uptrends the RSI can remain elevated for extended periods while the rally continues.
With so much developmental activity and positive sentiment around Celestia recently, TIA may defy the odds and see further parabolic gains in coming weeks rather than cooling off. Noted crypto analyst Miles Deutscher even added TIA to his altcoin watchlist this week, noting the persistent strength.
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In particular, Deutscher suspects insider accumulation ahead of forthcoming project launches that will utilize Celestia’s network. This theory of “airdrop farming” could explain the relentless push higher in TIA price. For now, momentum remains firmly to the upside for this ascendant crypto asset.
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