Celestia: Market Dip Leaves TIA Investors 16% In The Red
2024年8月22日 - 11:00AM
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With the broader crypto market down by 3% in the past 24 hours,
Celestia has been washed away by the bearish tide. According to
CoinGecko, TIA, Celestia’s native toke, is down over 18% since last
week, putting more pressure on the exhausted bulls as the bears eye
more downward breakthroughs. Related Reading: Cardano (ADA) Nears
Key Level As Analyst Eyes Over 100% Upside – Details Despite its
native token’s downward trajectory, Celestia continues to innovate,
keeping the bullish narrative alive. The question is if it is
enough for a recovery of TIA in the long term. Zaar Announces
Sudoswap Launch On The Platform Zaar, an NFT-focused organization,
recently posted that SudoSwap, an automated market maker protocol
specifically built for NFTs, will launch on its native blockchain
as soon as it launches its mainnet. The Zaar blockchain is built on
Initia using the toolkit of Celestia. Although the latter is in a
background role for the project, it still shows that the broader
crypto community still regards Celestia as reliable. We’re
excited to announce that @sudoswap will be launching on Zaar Chain
on Day 1 along with our mainnet. We’re excited to be powering the
first NFT marketplace on @initiaFDN with @CelestiaOrg underneath.
Study The Fun Network. 💊🦴✨🔁 pic.twitter.com/GdcaNo8c24 — Zaar 💊
(@zaar_gg) August 20, 2024 Keeping this in mind, Celestia’s
involvement with an NFT project might just be great timing.
Although market interest in NFTs has faded ever since, some
movement within the market. Just recently, the CryptoPunks
collection led the NFT surge with over $825,000 in sales along with
the offloading of CryptoPunks #5822 for an undisclosed
amount. These small but big movements might spark interest in
NFTs once again, pushing them from niche to mainstream. But before
that can happen, development in the NFT space should continue as it
recovers from lost retail interest. TIA Trading On
Sustainable Price Range As of writing, the token is trading right
between $4.8 and $5.9, keeping the bears from any possible
breakthrough in the short to medium term. This trading range
gives the bulls a strong and reliable jumping-off point in the
coming days. At its current price point, accumulation should be the
focus of the bulls in the next few weeks. However, TIA’s momentum
is highly correlated with the swings of the broader market, making
it susceptible to any change in the market’s sentiment. As of
press time, TIA investors and traders are still bullish on the
token’s future performance despite the extreme slip that occurred
in its market. If this sentiment continues and investors rightly
weigh in on the developments inside Celestia, we might see a
reattempt to take lost ground above the $5.8 ceiling. Related
Reading: End Of The Slump? Floki Eyes A 46% Price Surge — Analyst
If the $5.8 ceiling is broken, TIA has the potential to regain $6.3
in the long term. Patience, then, is the greatest weapon investors
and traders should have in this situation. With only a slight dip
in the market and a bullish investor base, TIA will have enough
momentum to make breakthroughs soon. Featured image from
01node, chart from TradingView
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