As a seasoned crypto investor with over a decade of experience in this dynamic market, I’ve learned to navigate through the turbulence and embrace the opportunities that come my way. After carefully analyzing the recent performance of TIA and Celestia, I find myself intrigued by the potential of this project.
As the crypto market appears to be closing August on a downbeat, the altcoin segment has experienced further setbacks due to the recent dip in the broader market over the last day. Consequently, coins such as TIA suffered substantial losses across various timeframes.
As reported by CoinGecko, TIA has experienced a 23% decrease in value over the past week, placing it among the top losers since the market’s correction period started. However, despite TIA’s lackluster performance, August was a strong month for on-chain growth for Celestia. The question now is whether investors are taking these developments into account as they decide whether to hold onto TIA in the long term.
OurNetwork Modular Ecosystem Review Reveals Quiet Build-Up On Celestia
On our network’s main X channel, they shared an update on their latest perspective of the Modular system, where Celestia is included. This post highlighted significant advancements that indicate the system has been gaining traction since early August.
JUST IN: Modularity | OurNetwork #266
Recent Developments in the Sector:
Link to read
— OurNetwork (@ournetwork__) August 30, 2024
Based on a recent announcement from OurNetwork’s official blog, despite encountering some obstacles in the modular sector of cryptocurrency due to the issue of chain fragmentation, advancements in chain abstraction by more than 80 teams across various protocols and chains have significantly improved the user experience within these chains.
In a significant lead, Celestia dominates its sector with an impressive 44% share of the overall market for data availability providers, demonstrating its prominence and influence within the Modular sector.
The unique aspect of Celestia’s platform, which offers infrastructure to verify data without requiring full block downloads for EVM blockchains, has significantly contributed to its growth in market share. Since May 29th, Celestia has been steadily catching up with Ethereum in the data availability niche.
It remains uncertain if the platform will overtake Ethereum as the leading data storage layer for EVM blockchains, but it seems that the trust of investors in Celestia may not currently be strong enough to restore TIA (The Internet of Actions).
$4.6 Breakthrough Imminent But Rejection’s Still A Possibility
At this moment, the token appears poised to surpass the $4.6 resistance level in the near future, even though the overall market sentiment remains pessimistic. Given that most of the market is still struggling to bounce back from a significant drop, TIA’s potential breakthrough could potentially be met with rejection.
In simpler terms, the Relative Strength Index (RSI) indicates a brief decrease in buying power, but there’s a possibility of a reversal in the upcoming days as market instability lessens. TIA’s strong connection with Bitcoin will likely contribute to an upcoming surge. If Bitcoin reaches $60k again in the future, it might lead to a quick revisit of around $5 – this is assuming the market experiences a bullish turnaround, which could happen sometime between early or mid-September.
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2024-08-31 15:04