Celestia Network’s native asset, TIA coin, has seen a significant surge in value over the past week, with a 50% increase. As of this writing, TIA’s price has risen by 6.33%, reaching a market value of $3.1 billion, trading at $19.82. Technical indicators, however, signal that the coin might have reached an extreme point in its movement.
The impressive performance of TIA coin can be attributed to several factors. An increase in staking activities and a rapid growth in unique wallet addresses have been noted. Data from Layergg reveals that the number of unique wallet addresses staking TIA coin has surpassed 300,000, doubling within a week. This not only reflects the growing number of participants but also indicates increased confidence in Celestia’s long-term potential among new users.
Celestia, a relatively new project launched in October 2023, benefits from positive community sentiment and appears to be leveraging a first-mover advantage in a specialized area. Positioned as the “first modular blockchain” with a focus on scalability, Celestia offers a unique value proposition in the competitive cryptocurrency landscape, likely contributing to the success of its native asset, TIA coin.
Despite strong fundamentals, crypto analyst CaptainAltcoin warns that TIA coin’s chart shows extreme levels. The coin has entered a price discovery phase after a strong breakout, but this sharp upward movement may be followed by a potential pullback. The Relative Strength Index (RSI) on the daily timeframe has risen to 73, indicating overbought conditions and a potential upcoming decline.
The expected retracement levels for TIA coin are outlined by Fibonacci’s upward projections at $17.5, $16.2, and $15. Technical indicators suggest that the coin’s rally may be at an extreme point and a correction ranging between 15% to 25% could occur in the coming days or weeks.