Shiba

Shiba Inu

Celestia

Gains

<p>Celestia’s native token, TIA, has seen a significant price surge over the past week. In the last 24 hours alone, TIA has risen 15%, bringing the 7-day gain to around 30% at the time of writing. We analyze the key drivers behind this rapid increase and examine the technical indicators suggesting an imminent pullback.</p>
<p><strong>Recent Catalysts</strong></p>
<p>There are a few likely catalysts behind TIA’s impressive rally:</p>
<p>Firstly, staking activity and unique wallet growth have exploded recently. According to a recent tweet from <a href="https://twitter.com/layerggofficial/status/1746345178636673289?t=3wPN0rHdCsFKHkB42awCpA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">@layerggofficial</a>, Celestia’s staking unique wallets have surpassed 300,000 – doubling in just one week. This surge in stakers and new users reflects growing confidence in Celestia’s long-term potential.</p>
<p>Additionally, as a relatively new project launching only in October 2023, Celestia seems to be benefiting from positive community buzz and first-mover advantage in its niche. As the “first modular blockchain” focused on scalability, Celestia offers a unique value proposition in the crowded crypto space.</p>
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<p><strong>Technical Analysis</strong></p>
<p>Despite the fundamentals seeming largely positive, TIA looks overextended on the charts:</p>
<p>On the daily timeframe, TIA broke out emphatically from a trading range, entering price discovery mode. However, after this vertical move, the token now seems ripe for a pullback.</p>
<p>Case in point: the daily Relative Strength Index (RSI) has surged to 73. Readings above 70 typically signify overbought conditions signaling an impending reversal.</p>
<p>Zooming into shorter timeframes reveals similar technical signs of exhaustion. The 4-hour and 1-hour RSI are flashing overbought at 70 and 77 respectively.</p>
<p>More tellingly, TIA is already retreating from its local highs on the 30-minute chart – with RSI dipping back below 70. This suggests the start of a short-term mean reversion play.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="465" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-406-1024x465.png" alt="" class="wp-image-420491" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-406-1024x465.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-406-300x136.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-406-767x348.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-406-1536x697.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-406-2048x929.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-406-331x150.png 331w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-406-100x45.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-406-772x350.png 772w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-406-788x357.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-406.png 1823w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Upside Fibonacci projections provide likely support levels for this anticipated retracement. Key Fib levels come in at:</p>
<ul>
 <li>$17.5 (23.6% retracement)</li>
 <li>$16.2 (38.2% retracement)</li>
 <li>$15 (50% retracement)</li>
</ul>
<p>Therefore, while Celestia’s long-term growth narrative remains intact, traders may consider locking in profits soon or waiting for an entry at lower levels based on the technically overextended signals. TIA looks poised to pullback anywhere from 15% to 25% in the coming days or weeks.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-celestias-tia-up-today-technicals-suggest-a-retracement-to-these-levels-is-imminent/" rel="noopener noreferrer nofollow">Why Is Celestia’s TIA Up Today? Technicals Suggest a Retracement to These Levels Is Imminent</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is Celestia’s TIA Up Today? Technicals Suggest a Retracement to These Levels Is Imminent

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