- A recent fundraising round and strong Bitcoin sentiment have fueled the rally.
- Spot and derivatives data indicate bullish sentiment for the TIA price.
- The upcoming token could pose a potential risk to the price.
Celestia (TIA) has surged from a key support zone this September, boosting optimism for its future price growth. The strong momentum over the past two weeks has brought the TIA price close to the 200-day EMA band. It has easily moved through the 20-day and 50-day EMA bands, which now dynamically support its price.
The TIA price has attracted significant attention with a 17% intraday surge, pushing its value above $6. Bitcoin’s bullish sentiment and the announcement of a fundraising round drove this spike. This made TIA one of the day’s top gainers.
This recent surge could present a potential opportunity for market buyers. Celestia crypto might advance further if this bullish momentum continues, indicating a stable long-term upward trend. Read on to explore why the price could keep growing.
What does Spot & Derivatives Data signify in TIA Price?
The TIA price and market cap have significantly improved with September’s growth. The market cap has risen from $790 Million to $1.33 Billion. Also, TIA’s rank has climbed to 56th based on intraday numbers.
Spot volume inflow has surged by over 125%, reaching $342.21 Million, driven by several optimistic factors. This increase in liquidity facilitated smoother trading activities.
In the derivatives market, demand has also grown. According to Coinglass, TIA Crypto’s open interest has increased by 22% from the previous session, reaching $263.17 Million. This rise in open contracts indicates higher intraday demand.
The derivatives volume surged by 150%, bringing the total traded value to $1.62 Billion. This increase reflects the growing demand for Celestia crypto in the derivatives market.
The 24-hour long/short ratio stood at 0.9849. This showed bullish dominance, with more short positions being liquidated than long ones. Over 24 hours, $1.43 million of short positions were liquidated compared to $1.01 Million in long positions. It suggested a potential rise in TIA’s price.
These metrics highlight a bullish intraday sentiment for TIA, confirming the recent price surge. Additionally, the OI-weighted funding rate indicates a decline in bearish dominance. This hinted at increased buyer interest and a potential long-term upward TIA price trend.
What Drove Optimism in TIA Price?
Celestia Crypto aims to address data availability. It is doing so by positioning itself as a cost-effective alternative for storing data on Layer 1 blockchains.
Recently, the project announced on its official X account that it had successfully raised $100 Million in a funding round. This significant investment, led by Bain Capital Crypto, has driven TIA’s price to surge over 24 hours.
Announcing $100M in new fundraising, bringing the total raised to $155M.
— Celestia (@CelestiaOrg) September 23, 2024
With Celestia underneath ✨, developers can deploy high-throughput, unstoppable applications with full-stack customizability.https://t.co/gOdTLqV353
The funding round also saw participation from investors such as Syncracy Capital, 1kx, Robot Ventures, and Placeholder. With this latest round, the Celestia Foundation’s total funding has reached $155 Million.
Can the TIA Price Advance Successfully As a Major Token Unlock In Q4?
The project boasts robust fundamentals and has attracted significant investments from prominent industry backers. The recent announcement of additional funding further strengthened TIA crypto’s fundamentals.
According to Certik Skynet, the project has a BBB tier security rating and a security score 75.73. Its social community is also active and influential, with many top industry followers.
Despite these strong fundamentals, historical trends based on TIA price analysis suggested that prices often decline when new supply exceeds demand. TokenUnlocks indicated that over 175 million tokens will be unlocked on October 30th, potentially leading to a sell-off.
However, more than a month remains until the next token unlock date. There still lies a strong possibility of a rally or parabolic move before the unlock occurs. Hence, close monitoring should be done, and investors must avoid FOMO and DYOR.
TIA Price Displayed Breakout, But Could It Continue to Get Strong?
In Q1 2024, TIA experienced impressive gains of over 810% on the daily chart. However, a supply zone created by profit-taking led to a significant sell-off, forming a declining wedge pattern. The price has been confined within this narrowing range for 215 days.
By Q3, specifically in September, the TIA price found strong support at $3.884, a level it has consistently held since July. This month, increased bullish activity has broken through the upper boundary of the falling wedge.
Per the Celestia price prediction, a parabolic recovery could occur. This could happen if bullish interest continues and achieves a change of character (ChoCh) above $8.0 and the 200-day EMA band. The key resistance levels to watch were $7.966 and $11.798.
However, if the TIA price fails to surpass the 200-day EMA hurdle, it may continue to move sideways. Additionally, the upcoming token unlocks could push the price lower. Breaching this critical support zone could risk TIA falling to new lows.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
