Celestia (TIA) has reached an impressive 11-month high, climbing to $0.71 on October 16, marking a remarkable increase of approximately 28% in just one day. This surge follows a notable bounce back from a lower point of $0.52, showcasing the resilience and potential of the token.
As the trading momentum intensified, TIA’s trading volume skyrocketed by 160%, reaching $162 million. Additionally, Open Interest saw a substantial rise of 45%, totaling $142 million, indicating a growing interest among traders and investors. Data from CoinGlass revealed that short liquidations amounted to $1.4 million, while spot exchange inflows surged to $2.2 million, further reflecting the heightened activity in the market.
At the time of reporting, TIA was trading around $0.68, maintaining a strong daily gain. CoinGecko noted that TIA experienced a 23.5% increase within 24 hours following the launch of Eden, a new EVM chain designed to analyze agents’ on-chain behavior.
Analyst Rekt Capital highlighted in a recent post that TIA has confirmed a breakout from its “Macro Accumulation Range,” with the token rallying 50% since it was featured on his Altcoin Watchlist. Such endorsements from analysts could be contributing to the growing confidence among traders.
Derivatives Activity Picks Up
The recent price rally has compelled traders who anticipated a decline to exit their positions, leading to $1.4 million in short liquidations according to CoinGlass. This shift in sentiment is further evidenced by a 45% increase in Open Interest, now estimated at $142 million, backed by a substantial 110% surge in trading volume.
On the Binance exchange, perpetual contract buy volume reached 90 million compared to 89 million in sell volume, indicating that buyers held a slight advantage. Spot sellers were also notably active, with Celestia’s spot netflow hitting a record $2.2 million on October 16, suggesting that more tokens were moving onto exchanges than off.
Chart Analysis
Examining the daily chart, TIA spent much of the spring and summer fluctuating between $0.30 and $0.40. However, it began building upward momentum in September and October, breaking through previous resistance levels around $0.45 to $0.50. The 50-day moving average currently sits at $0.4394, while the 200-day moving average is at $0.3820. The daily MACD reads at 0.0504 against a signal line of 0.0368. On a weekly basis, the RSI stands at 64.98, just shy of the overbought threshold of 70, with the Supertrend indicator remaining bullish.
According to the CoinGlass heatmap, a cluster of liquidations is observed near the $0.725 to $0.73 range. A successful breach of this level could open the door for TIA to target $0.74, while traders will keenly watch for the token to maintain levels above $0.66 to $0.68.
Momentum and Fibre Test
The positive ADX index has risen to 31, coupled with a decrease in the negative index to 7. The Aroon Up indicator has climbed to 100%, signaling robust upward momentum. If this momentum persists, TIA could reclaim the $0.70 mark and potentially aim for $0.80, a level where the trend had previously faltered last November. Conversely, a failure to maintain momentum could see the token retreat towards $0.50.
On October 1, Celestia Labs reported that Fibre sustained an impressive throughput of 3.07 terabits per second across 120 validators during a 143-second benchmark test. Though this milestone is significant, the latest price movement cannot be solely attributed to this development.
In another noteworthy update, Celestia has successfully reclaimed 43 million TIA from Polychain as part of a buyback deal. On October 16, TIA was trading close to $0.702 after reaching a session high of $0.7233.
