Celestia Raises $100 Million in Funding — TIA Price Bounces 25%
Celestia Announces $100 Million in Funding | Credit: Hameem Sarwar
Key Takeaways
- Celestia has announced a $100 million round of funding on Sept. 23.
- Celestia (TIA) has broken out from a long-term resistance trend line.
- Is the TIA correction finally over, and can the price reach new highs?
The Celestia (TIA) price has recovered since falling to new lows on Sept. 6. Positive news hit on Sept. 23, when the Celestia team announced a new round of funding. The same day, the TIA price created a bullish candlestick with a magnitude of 25%.
Has TIA finally completed its correction, and how long will it continue to increase if this is the case?
Celestia Announces Funding
On Sept. 24, Celestia announced that it raised $100 million in funding. Bain Capital Crypto led the fundraiser, which brings the total to $155 million. Other participants include Syncracy Capital, 1kx, Robot Ventures, and Placeholder.
Previously, Celestia’s core developers announced Celestia’s next phase, which focuses on scaling to allow large data throughput to support dApps and Rollups. The first upgrade is called Lemongrass and will contain five new Community Improvement Proposals (CIP).
TIA Price Sustain Increase
The TIA price has fallen under a descending resistance trend line since the all-time high of $21.14 on Feb. 10.
The downward movement led to a low of $3.72 on Sept. 6, a decline of 78% from the all-time high.
Shortly afterward, TIA started an upward movement and broke out from the resistance trend line on Sept. 13. At the time, the trend line existed for 216 days.
Read More: Celestia Price Prediction 2024: TIA Price Analysis
A bullish divergence in the Relative Strength Index (RSI) and MACD (green) preceded the 65% upward movement since the September lows. After the divergence, the RSI increased above 50, and the MACD moved above 0, legitimizing the upward movement.
If the TIA price increase continues, the main resistance will be $12.47. This target is created by the 0.5 Fibonacci retracement resistance level and a horizontal resistance area.
Correction Is Over?
The wave count since November 2023 suggests the correction is over. The most likely count reveals that TIA has completed a five-wave increase (white) and an A-B-C correction afterward (black).
Waves five and C developed into diagonals, as evidenced by their wedge shapes. Such diagonals often mark the end of a trend in one specific direction and the beginning of a different trend in the other.
If the count is accurate, TIA has started a new upward movement. If that is corrective, the TIA token price can reach a high between the 0.5-0.618 Fibonacci retracement resistance levels at $13.33 and $15.60.
However, if the Celestia crypto has started an impulsive movement, it can reach a new all-time high of $22.96.
TIA Price Can Double
The price action, indicator readings, and wave count all give a bullish TIA prediction. Furthermore, the positive news regarding Celestia’s funding has created an even more positive sentiment surrounding the project. The wave count predicts an increase to at least $13.33 to $15.60 and possibly a new all-time high.
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