Will Celestia Price Defend $5 Support Amid Lemongrass Upgrade?

Celestia price was down 2% on Friday as the crypto market slowed down from its mid-week recovery. Selling pressure spread to the altcoin market as Bitcoin reverted to $60000, seeking suitable support. Will this recover bullish momentum for a higher rally, or may sellers remain the dominant force?

 Celestia Unveils Lemongrass Upgrade

The modular blockchain network Celestia is steadily progressing toward launching its first major upgrade, “Lemongrass.” This upgrade, developed in collaboration with the community, introduces key features like 1-click TIA interactions with other IBC chains, interchain accounts, and a new upgrade mechanism.

As per the blog released on Lemongrass, the update includes CIP-6 for price enforcement, CIP-9 for packet forwarding middleware, and CIP-10 for coordinated upgrades. Additionally, it introduces interchain accounts (CIP-14) and the ability to disable the old Blobstream module (CIP-20).

The rollout will begin with activation on the Arabica Devnet using Celestia-app v2.0.0 in August, followed by an upgrade to the Mocha Testnet, and conclude with activation on the Mainnet Beta in mid-September. This upgrade underscores Celestia’s commitment to improving its blockchain infrastructure in collaboration with the community, which could bolster the TIA price rally.

Celestial Price Hints Major Breakout

This week, the crypto market showcased a notable recovery as Bitcoin rebounded from $49600 to $60640— a 22.3% increase. Along with most major altcoins, the Celestia coin price picked up the recovery momentum and rebounded from $4.14 support.

The bullish turnaround lifted the asset 34% to $5.6, while the market cap boosted to $1.138 Billion. With sustained buying, the TIA price jumped 7.4% to challenge the upper boundary of the falling wedge pattern at $6.

The chart setup has been in a steady downtrend for the past six months, with the price resonating within two converging trendlines. An upside breakout from its barrier will signal a change in the market dynamic and provide buyers with suitable support to drive a higher rally.

The post-breakout rally could push the Celestia price 40% higher to challenge $7.68, followed by $12.

On the contrary, the 50-day Exponential Moving Average (EMA) slope wavering close to the downsloping trendline creates a strong sell zone. A potential reversal could plunge altcoin back 25% to hit $4.1.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.