A popular crypto analyst thinks the modular blockchain network Celestia (TIA) will collapse in price over the long term.
Pseudonymous analyst Altcoin Sherpa tells his 222,800 followers on the social media platform X that TIA will plunge to below $1 eventually, though he acknowledges it could see some “random short squeezes” before that.
“Psyops would be to pump price going into unlocks so all early shorters get rekt; plebs buy this thing and chase, and seed investors slowly get to dump. Wouldn’t hold this thing for a long time, but I’d probably lean towards longing it in the short term? Probabaly grab an entry around 4.60ish-4.40?”
Market participants have been uncertain about the future price action of Celestia, given that the project is slated to unlock 175.74 million TIA tokens on October 31st, according to the digital asset research website CryptoRank.io. A token unlock adds more coins to the circulating supply, which could induce selling pressure from investors who got in first.
TIA is trading at $4.65 at time of writing, a fractional decrease over the past day.
Altcoin Sherpa also says he’s not currently accumulating FET, the native token of the Artificial Superintelligence Alliance, an artificial intelligence (AI)-focused project.
“I think looks good but I am not personally buying here. S/R (support/resistance) level + 200-day EMA (expontential moving average) that’s acted as resistance. Happy to buy this higher though because breaking the $1.48 area would mean a higher high/shift in trend.”
FET is trading at $1.26 at time of writing and is down more than 2% in the past 24 hours.
Conversely, the analyst thinks layer-1 blockchain Sui (SUI) is a “decent one to trade.”
“Don’t think much about it long term given unlocks/everything else but in the mid-term it looks like you should only be longing this thing. Higher low + 1-day EMAs all strong.”
SUI is trading at $1.02 at time of writing and is down 1.74% in the past 24 hours.
Altcoin Sherpa also notes that he accumulated IO, the native token of the decentralized computing network IO.NET, at $1.76. The trader shares a chart suggesting that IO has flipped a former resistance level into support.
IO is trading at $1.73 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
Follow us on Google News to get the latest Updates
