Celestia's Native Token TIA Spikes 13% After Upbit Listing

TIA, the native coin of the modular blockchain project Celestia, spiked approximately 13% today. This surge contradicts the Celestia coin price action

The price of Tiacoin (TIA), the native token of modular blockchain project Celestia, spiked by roughly 13% on Wednesday. This surge comes despite the Celestia coin price action over the last few days, which saw it drop to $2.32 on Tuesday.

The rally came as the top South Korean exchange Upbit announced it would be listing it, which sparked a sharp increase in trading volume.

With this momentum building, what’s next for TIA following this development?

Upbit Listing Spurs Celestia Higher

Two days ago, the technical setup on TIA’s chart signaled a potential drop toward its yearly low. But that outlook quickly changed after South Korean exchange Upbit announced it would be listing the altcoin.

According to the official statement, Upbit will be listing TIA with trading pairs against Bitcoin (BTC), Tether (USDT), and the Korean Won (KRW). The exchange also confirmed listing identical pairs for the decentralized GPU project token, io.net (IO).

Following the announcement, the Celestia coin price broke out of the falling channel that had been forming on the 4-hour chart. The price surge also triggered a change in the position of the Awesome Oscillator (AO).

On Wednesday, May 7, the AO, which measures momentum, was in the negative territory. As of this writing, the indicator’s rating has increased to 0.112, which signals bullish momentum around the cryptocurrency.

If this trend continues, then TIA’s price will climb past the resistance at $2.79 as long as the support at $2.39 holds. On the same chart, CCN observed that the Elder Force Index (EFI), which measures buying and selling pressure, has spiked.

This spike suggests a notable accumulation of TIA, which might help sustain the ongoing upswing.

Trading Volume Spikes, Volatility Low

As is often the case with Upbit listings, the cryptocurrency saw a sharp increase in trading volume, which is another factor that could support the price rally.

Earlier today, TIA’s trading volume was less than $70 million. But at press time, alongside the Celestia coin price increase, the volume has surged above $165 million.

From a trading perspective, if the volume continues to climb with the price, then it could set the stage for an extended rally in TIA.

We also examined the volatility around the altcoin. According to Glassnode data, Celestia’s two-week realized volatility has decreased to 54.41% from 70% on Tuesday.

Unlike implied volatility, realized volatility looks at the standard deviation of returns over a given time period. A high reading of the metric indicates potential large swings and instability around the price.

On the other hand, a low realized volatility reading indicates potential stability. When combined with the price, a rising realized volatility and falling price signals a possible correction.

But since the metric around TIA decreased amid a price increase, it indicates that the uptrend has the potential to continue.

TIA Price Analysis: Losing Streak Over

The daily chart shows that the Celestia coin price surge came after the altcoin formed a double bottom pattern. The double bottom formation is a bullish reversal pattern.

Hence, TIA’s price will likely continue increasing, especially as it has now moved above a key Exponential Moving Average (EMA). As of this writing, TIA has surged past the 20 EMA (blue), which indicates strong support for the uptrend.

Also, the reading of the Bull Bear Power (BBP) has flipped into the positive region. If sustained, this could propel the altcoin’s market value toward the 0.618 golden ratio at $3.51.

However, if bears overpower buying and trading volume drops, then TIA’s price might slide below the 20 EMA. Should that be the case, the cryptocurrency might drop to $2.15.