Is Celestia Going to Zero? TIA Price Pulls Back 5% as Bitcoin Mining Project Reaches $4.7 Million

cryptonews.com:

Despite a strong month by the new modular blockchain Celestia, TIA token price has tumbled -5% in pull back from resistance, but could this TIA alternative play offer better returns?

This comes following the announcement that the TIA blockchain will integrate a layer-2 solution known as the ‘Ethereum fallback mechanism‘, which is aiming to boost data security by using Ethereum as a backup in case of Celestia mainnet downtime – using both OP stack and Arbitrum.

$TIA had a run from $2.5 to $9 and rejected as expected at Golden Ration 1.618. As I wrote earlier, nothing goes straight up. It is healthy to built a support and carry on to two digits. #TIA #Celestia pic.twitter.com/zXqsuXRGRx

— Crypto Mamba (@Crypto_G_Mamba) December 3, 2023

Prominent trader Crypto Mamba has identified the source of TIA’s rejection as resistance stemming from the golden ratio – a common strategy used to trade breakout tokens with little price history.

As price action battles for localized support follow the sudden retracement, Celestia is currently trading at a market price of $8.82 (representing a 24-hour change of +2.84%).

This comes after TIA price met rejection around upside resistance at $9.85 – in the middle of the 1.618 golden ratio zone – and just below the psychological resistance level at $10.

However, despite a highly volatile retracement move, which saw price drop down to briefly test lower support around the LTF moving average at $8, TIA price is now fighting to stabilize at STF moving average support around $9.

A successful consolidation here could set the stage for a return back to higher support at $9.25, a level which poises price action for a second retest of resistance at $10.

Indeed, this sentiment is matched by the RSI, which has