The price of Celestia (TIA) token surged nearly 6% today, reaching $1.43. However, trading volume in the market has dropped by over 20%. This has raised questions about the factors driving this increase.
Reasons for Celestia Price Increase
The key driver seems to be news of a new project launching on the Celestia network. Crypto analyst Philip indicated that the prediction market platform XO Market has garnered attention after securing $500,000 in pre-seed funding from Cyber Fund and Delphi Ventures.
Technical Analysis of TIA Price
Despite the positive movement, technical analysis indicates that TIA's price remains trapped in a prolonged bearish trend. Since early 2024, the token has remained below the 50-day simple moving average at approximately $2.07.
Speculation and Airdrop Interests
Speculation around XO Market and potential early-stage rewards has renewed interest in Celestia. Investors are awaiting developments that may either support the current rise or indicate exhaustion.
The rise in Celestia's price amid new developments signifies investor interest in potential opportunities, even as signs of a bearish market persist.
