While money continues to flow out of altcoins, even the main altcoin $ETH continues to helplessly get its share of the decline. While all this is happening, #Celestia (TIA) coin has been in a downtrend for a long time. Tia, which saw the $ 20 level in March 2024, is trading at $ 5.76 as of the writing date. So, will Celestia ($TIA ) be able to maintain the $ 5 main support level?
In the cryptocurrency market, altcoins other than Bitcoin continue to officially travel towards magma. The declines in altcoins almost did not occur during the Covid period.
Celestia Announces Lemongrass Upgrade
Modular blockchain network Celestia is steadily moving towards the launch of 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, cross-chain accounts, and a new upgrade mechanism.
According to a blog post on Lemongrass , the update includes CIP-6 for price enforcement, CIP-9 for packet routing middleware, and CIP-10 for coordinated upgrades. Additionally, it introduces cross-chain accounts (CIP-14) and the ability to disable the legacy Blobstream module (CIP-20).
The deployment will begin with activation on Arabica Devnet using Celestia-app v2.0.0 in August, followed by an upgrade to Mocha Testnet, and will conclude with activation on Mainnet Beta in mid-September. This upgrade underscores Celestia’s commitment to improving its blockchain infrastructure in collaboration with the community, which could support a TIA price increase.
Celestia (TIA) Coin Analysis
The bullish reversal has lifted the asset by 34% to $5.6, taking its market cap to $1.138 billion. With sustained buying, the TIA price has risen by 7.4%, pushing the $6 upper limit of the falling wedge pattern.
The chart setup has been in a steady downtrend for the past six months, with the price reversing within two converging trend lines. An upward breakout from the barrier would signal a change in market dynamics and provide buyers with adequate support to guide a rally higher.
The post-breakout rally could push Celestia price up 40% to $7.68, then challenge $12. Conversely, the slope of the 50-day Exponential Moving Average (EMA) fluctuating close to the downward-sloping trendline creates a strong sell zone. A possible reversal could pull the altcoin back 25% to $4.1.
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