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Cryptocurrency News Articles
Celestia (TIA) Flashes Bearish Signals Despite Ginger Upgrade Doubling Data Availability
Dec 30, 2024 at 01:00 pm
Celestia's [TIA] recent Ginger upgrade, which doubled the data availability to ensure efficient handling of Ethereum [ETH] L2 transactions, is proving useful.
Celestia’s [TIA] latest Ginger upgrade, which doubled the data availability to cater to Ethereum [ETH] L2 transactions, is seeing good utilization.
Blockworks research analyst Dan Smith highlighted that Celestia witnessed a 5x throughput increase post the upgrade. He noted,
“Celestia hit a new all time high yesterday – 11.85 gb of data posted, almost entirely from EclipseFND. Celestia handled 5x the data posted to Ethereum blobs at a 99.6% lower fee per MB of data.”
Source: Blockworks
Impact on TIA price
For the uninitiated, Celestia’s data availability (DA) aids L2 transactions with a scalable solution for storing and verifying transaction data off-chain.
Moreover, Celestia is currently the cheapest DA provider for ETH L2 transactions.
According to Smith, the low cost and high throughput could make Celestia the go-to DA platform for other L2 transactions.
However, despite the positive update, TIA’s native token, flashed bearish signals on-chain and price charts.
TIA’s social traction and Weighted Sentiment dropped to levels last seen before the November major rally. It indicated low market interest and bearish sentiment, which could stall a strong rebound in the short term.
Source: Santiment
But could the weak sentiment present a good risk-reward buying opportunity?
On the price charts, TIA was down almost 50% from its recent peak, reversing all November gains. It had plunged from $9.2 to a low of $4.3, and briefly stabilized above the previous channel range.
Source: TIA/USDT, TradingView
But the daily RSI chart’s bearish readings and south-bound movement of the Chaikin Money Flow (CMF) highlighted that demand was lacking and capital outflows intensified in the past few days.
Celestia [TIA] Price Prediction 2025-2026
Unless the technical chart indicators reversed, TIA could crack the mid-range and drop further to the channel’s lows.
On the other hand, another bullish breakout from the range could make a $7.3 target up for grabs, triggering a potential 60% gain.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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