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

Celý článek

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#Celestiapic.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.

TIA Price Analysis: As Celestia Battles Upside Resistance – Is Celestia Going to Zero?

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 cooled off significantly to 48.16 amid the retracement move, this suggests price action is now ready to push up (oversold).

Yet, while the RSI is bullish, the MACD contrasts this, flagging bearish divergence at -0.045 (suggesting slowing rally momentum – which can be seen as price fleets the upper trading channel.

Overall, TIA price looks healthy in structure – but perhaps over-extended here, with $10 forming a tough resistance level due to both psychological pricing and the golden ratio.

This leaves TIA with a short-time frame target at $9.22 (a possible +4.17%).

While downside risk form here could see TIA price plummet down to $8.5 (a potential -3.97%).

TIA price therefore currently carries a risk: reward structure of 1.05, this suggests that while profitable – there is meagre returns in TIA’s short-time frame movements.

Yet, while TIA might not offer substantial returns now, an emerging Bitcoin-linked presale is capturing the attention of eagle-eyed traders – here’s why.

TIA Price Retracement Alternative? Don’t Miss Bitcoin Minetrix $BTCMTX Presale As $4.7M Raised

Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$4,709,606 raised.

Offering an enticing 141% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.

The true essence of passive income in the crypto world has never been this accessible.

With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.

Only 3 days left for Stage 11 of #BitcoinMinetrix to conclude!

With an increasing number of nations delving into mining prospects, what impact do you anticipate on the worldwide economy and the #Crypto market?

— Bitcoinminetrix (@bitcoinminetrix) December 4, 2023

Bitcoin Minetrix Smashes $4.7M Raised as Traders Rally Against Bitcoin Mining Centralization

Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.

Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).

This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.

The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).

Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.

But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.

Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.

A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.

AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).

This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.

This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.

Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.

This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.

Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.

Key Highlights of the BTCMTX Advantage Over PYTH Price Retracement:

• Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
• Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
• Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
• Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
• The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $4.7m raised towards its $5.2M goal. At a competitive price of just $0.012 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.

In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.

Secure your position in this transformative journey by joining the BTCMTX presale today.

Buy BTCMTX Here

^{Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.}

The post Is Celestia Going to Zero? TIA Price Pulls Back 5% as Bitcoin Mining Project Reaches $4.7 Million appeared first on Cryptonews.