Rapidly growing modular blockchain layer-1 Celestia has undertaken a major rally since the TIA airdrop, however, with TIA price falling -6% over the past two-days – is Celestia going to zero?
Celestia did what other airdrops such as Arbitrum couldn’t, TIA has mounted a sustained upside move following the airdrop distribution, with limited sell pressure dampening the excitement of participants.
$TIA Let’s see $8 now ! @Nebraskangooner https://t.co/jf9Es4Z384 pic.twitter.com/iyRMG9uCrH
— Screechy Rich (@SreechyRich) November 18, 2023
But with price action entering minor localized retracement follow a recent all-time high at $7.4, could things be slowing down for this airdrop superstar?
TIA Price Analysis: Is Celestia Going to Zero Amid Localized Retracement Drop?
As Celestia ticks down, TIA is currently trading at a market price of $6.67 (representing a 24-hour change of -1.92%).
This comes amid a downside move, triggered by a tough resistance layer around $7.38-$7.40, that has so far seen TIA bleed-out -11% since the all-time high.
Worse still, this localized retracement move has seen a lower low than previous rest-stops on this airdrop skyrocket, in a move that has smashed through the floor of the rally trading channel.
If TIA bulls don’t recover quickly, this break-low could be the first symptom of slowing momentum for the surging chart performance.
Despite this, sentiment behind TIA price remains positive, with the retracement move coming at a time of reduced trading volume, as markets shift bullish on Bitcoin.
Upside targeting here is aiming at a push to new heights around $8 on the short-time frame (a potential +19.43%).
While downside risk here could see TIA plummet back down to $5.97 in a typical airdrop sell-off (a possible -10,88%).
This leaves TIA price facing an ongoing risk: reward structure of 1.79, a reasonable entry with fair upside potential that seems likely given current market sentiment – and certainly not going to zero anytime soon.
Yet, while TIA is retracing, an emerging Bitcoin Cloud Mining project is surging dramatically in presale as Bitcoin finds strength above $37,000.
TIA Price Retracement Alternative? Don’t Sleep on Bitcoin Minetrix Presale As Almost $4.18M Raised
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is Celestia Going to Zero? TIA Price Suffers 6% Fall as New Bitcoin Mining Project Takes All the Limelight – How Does it Work? appeared first on Cryptonews.
