TIA Price Drops 25% in April: Is Buying the Dip a Good Idea?

Celestia (TIA) has faced a tough year so far, with its price down over 5% year-to-date as of April 11. The downtrend in TIA prices since February 2024 has left Celestia bulls unenthused, despite the project’s recent partnerships.

This mirrors a similar situation in January when partnerships failed to boost TIA’s prospects. However, Celestia remains active in efforts to enhance its token’s value, such as its involvement in the Modular Dubai program during the Token2049 Dubai event.

Celestia Partners with EthStorage to Enhance Manta Network Infrastructure

Celestia has joined forces with EthStorage to bolster Manta Network’s infrastructure, aiming to boost efficiency and security. This collaboration will enable Celestia to introduce its modular Data Availability (DA) solutions, enhancing Manta Network’s capabilities.

The partnership between Celestia and EthStorage is expected to equip Manta Network with the swiftness and cost-effectiveness typically associated with Layer-2 technologies. Additionally, it will enhance security through decentralized Layer-2 state derivation.

EthStorage brings its expertise in permanent data storage to the collaboration, utilizing Data Availability Sampling (DAS) for on-chain verification via SNARK proof. This initiative makes Manta Network the first to implement Celestia’s modular DA, despite the recent market downtrend in the value of the MANTA token.

This collaboration signifies a significant upgrade to Manta Network’s technical capabilities, strategically leveraging EthStorage’s data storage solution to create a more secure, efficient, and robust blockchain ecosystem.

As the partnership unfolds, attention will shift towards assessing the real-world improvements and innovations it brings to the table.

In addition to its technical endeavors, the Celestia team has organized real-life meetups, such as the Modular Meetup in Vancouver, to expand its presence in the blockchain sector.

Stagnant Price Action Despite Partnerships and Events

Despite Celestia’s numerous partnerships and events, the TIA price action has remained stagnant, forming consecutive lower highs since February 9. This lackluster performance has resulted in a more than 14% week-to-date (WTD) decline, with the TIA price dropping to around $11.2 on April 11.

If the current downtrend persists, the Celestia token’s price could further decline to the support level near $9.7. Breaching this immediate support level could lead to a test of the 0.786 Fibonacci (FIB) support near $7.4 before any signs of recovery emerge.

TIAUSD daily price chart with RSI. Source: Tradingview.com

However, if TIA bulls manage to initiate a rally, the Celestia token’s price could potentially surge towards the 20-day Exponential Moving Average (EMA) resistance, positioned near $12.7. Breaking above this immediate resistance level would bring TIA’s price closer to the 50-day and 100-day EMA resistance confluence, located near $14.7.

The Relative Strength Index (RSI) for TIA remained neutral, with a reading of 34.2 on the daily charts, indicating a balanced market sentiment amidst the ongoing price fluctuations.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Join Cryptos Headlines Community

Follow Cryptos Headlines on Google News