The native token TIA of the modular blockchain network Celestia has experienced a notable increase of 14% following the announcement of its second funding round.
As of the latest update, TIA was trading at $6.20, reaching an intraday peak of $6.86—an impressive rise of over 40% from its lowest point this week. The daily trading volume for TIA surged to $410 million, doubling from the previous day.
Meanwhile, the token’s market capitalization climbed to $1.34 billion, solidifying its rank as the 65th largest cryptocurrency according to CoinGecko. This recent price escalation has also propelled TIA into the spotlight as a top trending asset on crypto data platforms.
Despite this upward movement, TIA still has a significant distance to cover, needing to rise 69.8% to surpass its all-time high of $20.85, achieved in February.
This price surge aligns with a significant milestone for the Celestia Foundation, which announced an additional $100 million in funding, bringing the total to $155 million. The announcement coincided with the unveiling of the project’s technical roadmap by its core developer community, both of which were interpreted favorably by traders.
Currently, TIA’s price sits at $6.171, just below the upper Bollinger Band, which stands at $6.601. This indicates that the token has recently faced resistance at the upper band, resulting in a sharp price pullback, as reflected by its position near the middle band.
The Relative Strength Index (RSI) is currently at 56.87, indicating a retreat from overbought territory, which suggests a weakening of bullish momentum. However, as the RSI remains above the neutral threshold, it implies potential for further upward movement if buyers return to the market.
Should TIA regain its momentum and break through the $6.60 resistance level, it may target the $7 mark next. Conversely, if it fails to hold the current support, a decline could ensue, with the middle Bollinger Band around $4.994 acting as the initial support zone. Traders are advised to remain vigilant for potential consolidation or volatility near these critical levels.