Is Celestia Going to Zero? TIA Price Suffers 6% Fall as New Bitcoin Mining Project Takes All the Limelight – How Does it Work?
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?
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
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