Celestia witnessed a notable decrease in its price over the current week, indicating the conclusion of its recent upward trend. Celestia’s total market capitalization dropped below $800 million as a result of this decrease.
Tuesday’s low for TIA was $5.4, the lowest since last week, and represented a significant 20% decline from the stock’s highest point earlier this year. TIA, currently trading at $5.85, has shed 11% in the last 24 hours, based on latest data.
Celestia Tallies Over 200% Rally
After becoming public in October, the TIA token experienced a remarkable 232% increase, peaking at $7.50. Celestia’s overall market capitalization was close to $1 trillion at its peak.
Celestia had been a notable performer in the cryptocurrency industry before the current setback, especially after its successful airdrop earlier in the year.
With minimal sell pressure disrupting the members’ enthusiasm, Celestia accomplished what prior airdrops, like Arbitrum, were unable to: TIA mounted a prolonged upward move after the airdrop distribution.
Significant upward trends in key cryptocurrencies such as Tron, Solana, and Bitcoin were the reason for Celestia’s success in the wider crypto sector. Generally speaking, airdrops work best when cryptocurrency values are rising.
Meanwhile, Celestia’s price is going up to retrace back into the breakout channel. Its native token, Buyers quickly picked up on the retracement dump, which put the Celestia price back above the important lower trendline support in the breakout trade channel.
During the pullback, there was a second indication of a supply zone between $4 and $5, which suggests that this could be the bottom of a new range below $7.
Celestia bills itself as the first blockchain network that is modular and evolves with the amount of users within its ecosystem. This facilitates the cost-effective and simple launch of blockchains.
Growing Ecosystem
The ecosystem of Celestia is still tiny yet expanding. A few components of its ecosystem are Aether Games, Berachain, Cartesi, Astria, and CosmWasm. However, as of late, there hasn’t been any significant activity on the chain, subdued its activity.
Celestia is a modular blockchain that can grow with the needs of its users in an efficient manner. Since its debut, it has expanded dramatically, and most recently, the Celestia cryptocurrency recently tallied an impressive 170% price surge that generated a lot of interest in it.
With support from OKX, the network just opened its mainnet and distributed airdrops to more than 190,000 users, even though over 610,000 users were qualified.
According to the on-chart data, its market valuation of nearly $795 million places it as the 64th largest cryptocurrency at the moment. Analysts believe that Celestia’s price might reach as high as $10.59 by the first quarter of 2024, despite its most recently declines.
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