With the broader cryptocurrency market down by 3% in the last 24 hours, Celestia was washed away by a bear wave. According to CoinGeckoTIA, Celestia’s native toke, has fallen over 18% since last week, putting more pressure on exhausted bulls while bears are eyeing more downside breakthroughs.
Despite the downward trajectory of its native token, Celestia continues to innovate, maintaining a bullish narrative. The question is whether this will be enough to reclaim TIA in the long term.
Zaar Announces Launch of Sudoswap on Platform
Zaar, an NFT-focused organization, recently published that SudoSwap, an automated market-making protocol built specifically for NFTs, will launch on its native blockchain as soon as it launches its mainnet. The Zaar blockchain is built on Initia using the Celestia toolkit. While the latter plays a background role for the project, it still shows that the broader cryptocurrency community still considers Celestia reliable.
We are pleased to announce that @sudoswap will be launched on Zaar Chain on day one, simultaneously with our mainnet.
We are excited to launch the first NFT marketplace on @initiaFDN With @CelestiaOrg under.
Meet The Fun Network.
💊🦴✨🔁 photo:twitter.com/GdcaNo8c24
— Zaar 💊 (@zaar_gg) August 20, 2024
With this in mind, Celestia’s involvement in an NFT project may prove to be an excellent choice.
While interest in NFTs has since waned, the market has seen some changes. Recently, the CryptoPunks collection led NFT growth with sales exceeding $825,000 with unloading CryptoPunks #5822 for an undisclosed amount.
These petite but large moves could reignite interest in NFTs, pushing them from niche to mainstream. But until then, growth in the NFT space should continue as it regains lost retail interest.
TIA Trading in a Balanced Price Range
At the time of writing, the token was trading at a price between $4.8 and $5.9, which prevented bears from breaking the trend in the miniature and medium term.
This trading range gives bulls a mighty and reliable entry point in the coming days. At the current price, accumulation should be the bulls’ goal over the next few weeks. However, TIA momentum is highly correlated with broader market swings, making it susceptible to any changes in market sentiment.
At the time of going to press, TIA investors and traders they are still bullish on the future performance of the token despite the extreme decline that has taken place on its market. If this sentiment continues and investors correctly assess the developments in Celestia, we may witness another attempt to exceed the level of $ 5.8.
If the $5.8 level is broken, TIA has the potential to reclaim $6.3 in the long run. Patience is therefore the biggest weapon that investors and traders should have in this situation. With a petite market decline and a bullish investor base, TIA will have enough momentum to make a breakthrough soon.
Featured image from 01node, chart from TradingView
