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Cryptocurrency News Articles
Celestia (TIA) Price Prediction 2024: Will TIA Price Double?
Sep 24, 2024 at 05:10 pm
The Celestia (TIA) price has recovered since falling to new lows on Sept. 6. Positive news hit on Sept. 23, when the Celestia team announced a new round of funding.
Celestia (TIA) has seen a strong recovery in its price after falling to new lows on Sept. 6. However, positive news emerged on Sept. 23 when the Celestia team announced a new funding round. Notably, the TIA price surged by 25% with a bullish candlestick on the same day.
Let’s analyze the price action, indicators and wave count to assess whether TIA has completed its correction and gauge its potential for further increase.
Celestia Announces FundingRound
Celestia announced on Sept. 24 that it had raised $100 million in funding, led by Bain Capital Crypto, bringing the total to $155 million. Other participants in the round included Syncracy Capital, 1kx, Robot Ventures, and Placeholder.
Previously, Celestia's core developers announced Celestia's next phase, focusing on scaling to enable high data throughput for dApps and Rollups. The first upgrade is called Lemongrass and will include five new Community Improvement Proposals (CIP).
TIA Price Sustains Increase
The TIA price has been falling under a descending resistance trend line since the all-time high of $21.14 on Feb. 10.
The downward movement brought TIA to a low of $3.72 on Sept. 6, a 78% decrease from the all-time high.
Soon after, TIA began an upward movement and broke out from the resistance trend line on Sept. 13. At the time, the trend line had been in place for 216 days.
A bullish divergence in the Relative Strength Index (RSI) and MACD (green) preceded the 65% upward price movement from the September lows. Following the divergence, the RSI rose above 50, and the MACD moved above 0, both confirming the upward movement.
If the TIA price increase continues, the main resistance will be at $12.47. This target is created by the 0.5 Fibonacci retracement resistance level and a horizontal resistance area.
Correction Is Over?
The wave count since November 2023 suggests that the correction is complete. The most likely count shows that TIA completed a five-wave increase (white) followed by an A-B-C correction (black).
Both waves five and C developed into diagonals, as indicated by their wedge shapes. Typically, such diagonals mark the end of a trend in one direction and the beginning of a different trend in the other.
If the count is accurate, TIA has begun a new upward movement. If the upward price movement is corrective, the Celestia crypto token price could reach a high between the 0.5-0.618 Fibonacci retracement resistance levels at $13.33 and $15.60.
However, if the Celestia crypto has begun an impulsive movement, it could reach a new all-time high of $22.96.
TIA Price Poised to Double
The price action, indicator readings and wave count are all bullish for TIA price prediction. Moreover, the positive news about Celestia's funding is generating even more positive sentiment around the project. The wave count predicts an increase to at least $13.33 to $15.60 and possibly a new all-time high.
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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