What you need to know
Why did Celestia surge by 19%?
Celestia’s stock market rebound was attributed to a surge in transaction volume, DEX and total volume.
Can the trend be extended beyond $1.5?
If the price manages to break the $1.50-$1.60 zone, TIA may reach $2 or more.
Celestia [TIA] took advantage of the broader altcoin market rebound by surging over 19% in the past 24 hours, at press time.
The altcoin was able to reclaim the $1 price level, and was seeking to expand this by aiming for $2. This surge in price was driven by the on-chain activities, the volume and the shift in the structure of the market in the short term.
Why has TIA risen 19% within a single day?
Celestia prices rose due to the increase in volume of trades, which increased by 4.4 in just one day. The data provided by DefiLlama indicated that trading volume rose from 67.94 millions to 301.7 million.
According to the charts, November’s highest trading volume was $132.99 millions. It was a triple increase in comparison to the high of this week. Some were below $100 million.
Source: DefiLlama
On-chain DEX trading increased by almost one quarter of a billion dollars. Dune dataThis was at $244 Billion when this piece of writing went to press. Less than $6 Billion is needed to achieve this milestone.
How can the large number of transactions be explained?
This surge in activity was influenced also by the large number of transactions, as TIA’s market rose. The number of transactions for that day reached 48,424, the highest level since the 9th August.
The figures indicate that blob transactions are increasing. accounted For 40,899, whereas those without blobs numbered 7,525. The network’s activity has grown significantly, and this is reflected in the increase of bundle transactions.
Source: Blockworks Research
According to the data, total trades have also exceeded one million. data Dune Analytics
The high volume of transactions indicated that Celestia’s price could rise if the crypto market maintained its current momentum.
What will be the next step for TIA?
In a timeframe of 4 hours, the price for TIA was able to break above a descending pattern channel. The altcoin paused above the upper-level, possibly as a second test of the breakout.
MACD bars indicate that market volatility is supporting buyer strength. As of this writing, the Relative Volatility Index was above 75. This indicates that the market’s price changes are strong.
The altcoin may target $1.50-$1.60 in the event that TIA does not fall below $1. Breaking this zone will put the altcoin on a trajectory towards $2. In this scenario, the outlook would change to bullish.
TradingView
Otherwise, price could dip below the resistance-turned-support, thus delaying the move to $1.50.
Conclusion: The altcoin market sentiment was in sync with that of the altcoin. The sustainability of this move is uncertain as traders could still close at a profit if they bought low.
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Source: ambcrypto.com
