Celestia price fell 2% on Friday as the crypto market slowed down after its mid-week recovery. Selling pressure spread to the altcoin market as Bitcoin fell back to $60,000 in search of suitable support. Will this restore bullish momentum for a higher rally or could sellers remain the dominant force?
Celestia introduces Lemongrass upgrade
Modular blockchain network Celestia is steadily moving closer to launching its first major upgrade, Lemongrass. Developed in collaboration with the community, this upgrade introduces key features such as 1-click TIA interactions with other IBC chains, interchain accounts, and a new upgrade mechanism.
According to the blog posted on Lemongrass, the update includes CIP-6 for price enforcement, CIP-9 for packet forwarding middleware, and CIP-10 for coordinated upgrades. In addition, it introduces interchain accounts (CIP-14) and the ability to disable the legacy Blobstream module (CIP-20).
The rollout will begin in August with activation on the Arabica Devnet using the Celestia app v2.0.0, followed by an upgrade to the Mocha testnet, and culminate with activation on the Mainnet Beta in mid-September. This upgrade underscores Celestia’s commitment to improving its blockchain infrastructure in collaboration with the community, which could support the TIA price increase.
Celestial Price hints at major breakout
This week, the crypto market showed a remarkable recovery as Bitcoin rose from $49,600 to $60,640 – a 22.3% increase. Like most major altcoins, Celestia coin price also picked up the recovery momentum and bounced off the $4.14 support level.
The bullish turn saw the asset rise 34% to $5.6 while the market cap rose to $1.138 billion. Sustained buying pushed TIA price up 7.4% to reach the upper boundary of the falling wedge pattern at $6.
The chart setup has been in a steady downtrend for the past six months, with the price fluctuating within two converging trend lines. An upside breakout from its barrier would signal a change in market momentum and provide buyers with suitable support to initiate a higher rally.
The post-breakout rally could push the Celestia price up 40% to reach the $7.68 mark and then the $12 mark.
On the contrary, the 50-day Exponential Moving Average (EMA) fluctuating near the downtrend line is creating a strong selling zone. A possible reversal could push the altcoin back 25% to $4.1.
Frequently Asked Questions (FAQs)
If Celestia breaks out of the wedge pattern, it could gain 40% to $7.68 or $12.
If Celestia fails to break the $6 resistance level, it could see a trend reversal that would result in a 25% decline and a price drop to $4.1.
Under the influence of the falling wedge pattern, the TIA coin has been showing a steady downtrend for the past 6 months.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Equipped with a strong understanding of technical analysis, he keeps an eye on the daily price movements of major assets and indices. Attracted by his fascination with financial instruments, Sahil has enthusiastically turned to the emerging space of cryptocurrencies, where he continues to explore opportunities fueled by his passion for trading.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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