As modular Layer-1 blockchain Celestia battles against a retracement move, TIA has dropped 11%, but with buy-pressure quickly eating up the fall – is Celestia price going to zero?
Retracement has swept into the Celestia price chart following rejection at the top end of a sensational run, in a move defying the sell-pressure dominated price performance of airdrop launches.
Scooping $TIA with profit made at $7 ….
Easy $60k …..
I heard the $uni airdrop story
Same won’t repeat itself…
Flush the longers,
Sweep the shorters
Sell me all your $TIA at $5 again and gdfo pic.twitter.com/sQKwJTFkPn
— ᄃﾑt (@mztacat) November 21, 2023
Traders on crypto Twitter are taking note of an emerging range between $5 and $7 – highlighting a potential supply zone as price exploration continues.
Celestia Price Analysis: Can TIA Mount a Recovery Rally After -11% Retracement Drop?
As Celestia price pushes up for retracement back into the breakout channel, TIA is currently trading at a market price of $5.88 (representing a 24-hour change of +16.98%).
The upside movement comes as buy-pressure quickly sweeps up the retracement dump, returning Celestia price back above critical lower trendline support in the breakout trading channel.
Amid the retracement, a second-confirmation emerged for a supply zone that’s appearing between $4-$5, suggesting this could become the lower end of a new range below $7.
Celestia price now faces a patch of resistance at $6, if a foothold can be established here it will prime TIA price for another re-test of topside resistance around the all-time high of $7.39.
It goes to say that a recovery is well under-way for Celestia price, and that the appearance of an ascendant 20DMA over the past 3-days reflects this sustained rally momentum.
With Celestia Price now stood atop a +104.9% gain since release, it seems likely that this healthy retracement move will set the stage for future value accrual – especially as the RSI indicator cools down to a more palatable 64.18.
This suggests upside movements will resume, with Celestia price targeting $7 (a potential +19.33% on the short-time frame).
While downside risk from here is limited by the supply zone and 20DMA, leaving Celestia price facing a potential drop to $4.45 (a possible -24.14%).
Celestia price therefore carries a current risk: reward ratio of 0.8 – a bad entry on the tail-end of a breakout rally.
But, while Celestia price battles retracement, a rapidly growing Bitcoin cloud mining presale is capturing the interest of smart money investors – with all of Bitcoin’s potential wrapped up in super-charged low cap gains.
TIA Price Retracement Alternative? Don’t Sleep on Bitcoin Minetrix Presale As Almost $4.25M Raised
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#BitcoinMinetrix imagines a renewed cloud mining landscape that merges ownership and cloud mining.
Through transparency, independence, and safety, #BitcoinMinetrix aims to lead tokenized cloud mining, providing a reliable $BTC mining path for everyone. pic.twitter.com/SOETy3de0a
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With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
Bitcoin Minetrix Smashes $4.25M 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 Celestia 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 $4.25m raised towards its $4.4M goal. At a competitive price of just $0.0117 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.
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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.
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