Celestia Price Drops after TIA’s ROI Reaches 620%

Celestia Price Drops after TIA’s ROI Reaches 620%

On Jan 3, the price of Celestia drooped alongside the top-ranking cryptocurrencies as the market participants await for the United States Securities and Exchange Commission's (SEC) decision on spot Bitcoin ETFs.

Apart from the bearish sentiment witnessed across the board, the sell-off in the price of TIA could be due to profit-taking on the latest run up to $14.

Celestia's underperformance coincided with the time the return on investment (ROI) on the token reached 139% for those who placed their long positions at $13 and more than 621% on the listing price of $2.1.

This means that  the modular blockchain has profited the early investors with many advocates who see its future potential urging holders to stake their TIA tokens for long-term gains.

Is Celestia's growth sustainable?

Despite the ongoing correction, Celestia's meraket sentiments remain positive as it ranks among the top trending cryptos today.

Celestia's price appears to be oscillating within a wide range stretching from $11.16 and $15.26. The price has also been consolidating above an ascending trendline since Dec. 31 2023. This is because the price has been recording a series of higher lows, resulting in a hidden bullish divergence from the price and the relative strength index.

The price strength at 50 points to the ongoing battle between the bulls and bears with no clear directional bias.

If the bears overpower the bulls, TIA may drop from the current levels toward the 50-four-hour exponential moving average (EMA) at $12.6 and later to the 100 EMA at $12.36. Lower than that, the 200 EMA at 11.16 and the $10 psychological levels are the key levels to watch.

TIA/USD Daily Chart

On the upside, the EMAs had just produced a call to buy TIA. This was in the form of a bullish cross that occurred when the fast-moving 50 EMA crossed above the slower 100 EMA on Jan. 1. This suggests that the buyers have not given up on scaling TIA higher.

As such, increased buying from the current levels could see Celestia price rise first toward the $14.2 range high and later to the upper limit of the range at $15.26. Overcoming this barrier would mean a bullish breakout from the consolidation range with the next level to watch being $20.

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