Celestia started on October 30, 2023, and it brings a new way of organizing blockchain. It solves the problem of traditional blockchains being slow to handle lots of transactions. Due to this, the TIA coin price has increased by more than 200% in just one month. How high will the TIA price go? Let’s take a look at this in more detail.
What is Celestia (TIA) Crypto?
Celestia is different from the usual way blockchains are set up. Unlike traditional blockchains that are all connected in one big structure, Celestia is the first modular blockchain network. It makes it easy to set up separate blockchains without a lot of extra work.
By separating the process of carrying out actions from the agreement on those actions and using data availability sampling, Celestia creates a simple blockchain system. This new way lets developers build their own spaces for carrying out actions and settling things without the usual limits of regular blockchains.
Celestia’s modular design brings better scalability and security while keeping decentralization intact. Developers can try out different types of blockchains, specific to certain applications or more general, and use Celestia to deploy them.
These blockchains get their security from Celestia’s validator set. This flexibility gives developers more control over the rules of their applications and the ability to make changes to the technology they’re using independently.
How has the TIA price moved in recent days?
As of today, the price of Celestia is $12.40, and it has had a trading volume of $1.88 billion in the last 24 hours. The market cap of Celestia is $1.86 billion, and its market dominance is 0.12%. Over the past day, the price of TIA has increased by 26.35%.
The highest price Celestia has ever reached was $13.03 on December 12, 2023, which is its all-time high. On an unspecified date, it reached its all-time low of $0.00. Since its all-time high, the lowest price it has reached is $12.37, referred to as the cycle low. The highest TIA price since the last cycle low was $12.58, known as the cycle high.
Currently, there are 150.03 million TIA in circulation. The prediction sentiment for Celestia’s price is currently optimistic, and the Fear & Greed Index shows a value of 67, indicating a state of greed in the market.
Why is TIA Price Up?
The increase in TIA’s price is thought to align with the launch of Celestia’s mainnet beta on October 31, signaling the beginning of the modular blockchain era.
Another contributing factor to the rise in value could be its listing on Binance. This listing emphasizes Celestia’s promising scalability solutions, addressing a challenge that competitors such as Ethereum (ETH) and Solana (SOL) have struggled with in meeting the needs of their users.
A modular blockchain is a type of blockchain that focuses on specific functions and assigns other tasks to separate layers. This design offers a more scalable, customizable, and efficient system. In a modular blockchain, different components can specialize in tasks like execution, consensus, data availability, and settlement.
These components come together to form a larger “modular stack” of blockchains that developers can mix and match. By breaking down the blockchain into smaller, specialized parts, the modular approach aims to overcome the limitations of traditional all-in-one blockchains, providing a more optimized and secure system.
Think of a modular blockchain-like building blocks. Instead of one big structure, you have separate pieces specializing in tasks like transactions, agreements, data, and finalizing deals. Developers can pick and choose these blocks, creating a more flexible and efficient blockchain system. It’s like building with Lego pieces for specific needs.
How high will the TIA Price Go?
Given Celestia’s recent performance, with 15 out of the last 30 days showing positive growth (a 50% increase), and the fact that it’s currently trading near its all-time high, there is a strong indication of positive momentum. Additionally, the high liquidity based on its market cap suggests a robust market presence.
The RSI (Relative Strength Index) is a widely used indicator showing the momentum in the market. Typically analyzed on a 14-day timeframe, an RSI reading below 30 suggests that the asset is undervalued, while a reading above 70 suggests overvaluation. Considering these factors, the overall outlook for TIA’s price appears optimistic.
Yet, with the current Relative Strength Index (RSI) reading on the one-hour chart at 76.23, it indicates that Celestia (TIA) is currently in the overbought territory.
Celestia currently has support levels at $11.72, and $10.49, with the strongest support at $7.93. If the TIA price successfully breaks the $13 mark, the initial target could be $14.41. The second potential target for a continued upward movement is $17. However, it’s important to note that TIA is currently in the overbought region. If there’s a significant rejection in the coming days at resistance levels, it could indicate that the upward movement has concluded, and a correction or pullback may follow.
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Source: https://cryptoticker.io/en/celestia-why-tia-price-up/