Modular blockchain Celestia has witnessed exponential growth since its launch in October 2023. Since launching, TIA has risen more than 756% from its debut price of $2.10 to the current value of $19.
At the time of writing, TIA was among the cryptocurrencies leading the gains on Thursday after rising 10% over the last 24 hours to trade at $19.28.
Top gainers Feb. 8. Source: CoinMarketCap
Kaspa (KAS) led the list of top gainers with 17% gains over the last 24 hours to exchange hands at $0.1219. Stacks (STX), Sei (SEI) and NEAR Protocol (NEAR) came in third, fourth and fifth respectively after rising 9.65%, 9.24% and 8%.39%.
Celestia’s trader appetite has grown as the TIA price followed growth in on-chain activity. Data from MintScan data shows that the network has so far facilitated 11,236,491 transactions since its debut on Oct. 31, 2023.
Celestia’s development activity has grown over 875% since the start of the year, according to data from Santiment. Despite the decrease in transaction volume last week and development activity over the last few weeks, these metrics have started picking up, according to data from Santiment, an on-chain analytics firm.
Celestia’s development activity and volume. Source: Santiment
TIA’s price grew in tandem with the on-chain activity. As the users interacted with the blockchain, demand for TIA grew resulting in price growth. What are the key levels to watch for TIA price over the next few days?
TIA price could exploit a rounded bottom pattern
After turning away from highs of around $20 in mid-January, the TIA price embarked on a downtrend that was stopped at the $14.5 support after losing more than 28% of its value.
Buyer congestion from the $14.5 support level began pushing Celestia upwards in a steady recovery that has seen the token recoup 32% of the losses to the current levels.
The TIA price action between Jan. 16 and today has led to the appearance of a rounded bottom chart pattern on the daily chart (see below). There was an attempt to drop below the pattern on Feb. 6 but this turned out to be a bear trap as the price turned up sharply a few hours later.
At the time of writing, TIA was battling resistance from the psychological level at 420. A daily candlestick close above this level would push the price toward the pattern’s neckline at $20.30. Bulls were required to flip this level into support to confirm a bullish breakout.
Such a move would set TIA on a clear path toward the $26. This would bring the total gains to 34%.
TIA/USD daily chart. Source: TradingView
The moving averages were keeping the bullish narrative alive by maintaining an upward trajectory.
In addition, the relative strength index (RSI) was moving upward. The price strength at 62 suggested that the buyers were dominating the market.
Conversely, TIA may turn down from the current price to revisit the 10-day EMA at $17.91 or the 20-day EMA at $17.37. A drop lower would see the price drop toward the pattern’s bottom around the $15 area, invalidating the bullish narrative.
