Celestia Will Upgrade Shwap, Will TIA Coin Price React?
2024-10-17
Bittime - Celestia has just announced that it will release a new upgrade called Swap. However, how does the TIA coin from the platform blockchain famous modular with a focus on data availability (DA) react? Check out the review!
Although this upgrade promises significant performance improvements, the price reaction of Celestia's native coin, TIA, has not shown any significant spikes. Will these technical developments have a major impact on TIA's price in the near future? Let's discuss it.
Celestia Announces Shwap Upgrade
Upgrade Swap announced by Celestia aims to strengthen the DA network with several significant improvements. Key features of this upgrade include a new storage system, composable networking framework, and improved data sampling efficiency.
This update will speed up the data retrieval process up to 22 times faster for full node and 12 times faster for light node. Additionally, the new system allows the network to handle data square of 1 GB, preparing Celestia for larger scales in the future.
Mainnet Release beta from Swap It is expected to occur in November 2024, although the exact date has not been announced. After this upgrade, the Celestia development team does not plan to make any major changes to network or storage protocols again in the near future.
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However, despite this announcement, TIA price still has not reacted significantly. On the daily chart, a small bearish candlestick pattern appears, indicating that the market is still cautious in responding to the news.
Will TIA Coin Price React?
Even though TIA price saw an uptick in September 2024 by breaking a descending resistance line that had held for 216 days, the move was not as strong as expected.
TIA price is still trapped below the horizontal resistance area of $6.40 (around Rp. 99,200). On September 23, the coin briefly broke through this area, but its rise did not last long.
Most recently, on October 14, TIA again failed to clear this resistance, indicating a pattern lower high which indicates selling pressure.
However, technical indicators such as Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) showed a bullish divergence before the rise in September. This signals that the long-term bullish trend is still valid, and TIA price has the potential to rise after this correction ends.
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TIA Prices in the Future
The long-term trend for TIA looks positive, but in the short term, market signals appear mixed. Since August 2024, TIA price has continued to stay below the resistance of $6.40 (Rp. 99,200).
If TIA manages to break this level and maintain its advance, the bullish trend will likely continue. However, if not, the price could be corrected deeper again.
Technically, TIA is currently in the wave pattern correction phase A-B-C. If this correction is complete, TIA has the opportunity to strengthen again and continue its increase. On the other hand, failure to break the resistance level may keep TIA price in a narrow range and slow down the bullish momentum.
Conclusion
Upgrade Swap from Celestia brings hope for improved network performance and the potential for wider adoption. However, despite these important technical developments, the TIA coin price has not responded significantly. TIA's success in breaking the resistance of $6.40 (Rp. 99,200) will determine whether the bullish trend can continue or not.
For investors, this upgrade could be a strategic opportunity, but vigilance is still needed. Crypto markets often move based on sentiment and external factors.
With mainnet beta which is scheduled for release in November, attention will be focused on whether TIA price can take advantage of this momentum to recover and record another significant increase.
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