A popular cryptocurrency analyst believes that the price of Celestia (TIA), a modular blockchain network, will crash in the long term.
Altcoin Sherpa, an anonymous analyst, told his 222,800 followers on social media platform X that TIA would eventually crash below $1, but acknowledged that some “random short squeeze” could occur before that happens.
“The psychological strategy is to pump the price as it enters unlock to recover all the initial short positions. The common people will buy and chase it, and the seed investors will slowly dump it. I don’t think I will hold it for long, but I will likely go long in the short term. I will probably enter around 4.60-4.40.”
According to the digital asset research website CryptoRank.io, market participants are uncertain about the future price movement of Celestia as the project is set to unlock 175.74 million TIA tokens on October 31. The token unlock adds more coins to the circulating supply, which could lead to selling pressure from early investors.
As of this writing, TIA is trading at $4.65, down slightly from the past day.
Altcoin Sherpa says it is currently not accumulating FET, the native token of the Artificial Superintelligence Alliance, an artificial intelligence (AI)-focused project.
“Looks good, but I personally wouldn’t buy here. It’s the S/R (support/resistance) level + the 200-day EMA (exponential moving average) that acts as resistance. However, I’m happy to buy higher as a break of the $1.48 area would indicate a higher high/trend change.”
At the time of writing, FET is trading at $1.26 and is down more than 2% in the last 24 hours.
Conversely, the analyst believes that Sui (SUI), a layer 1 blockchain, is “decent to trade.”
“Long term, don’t think much about unlock/everything else. But medium term, I think I’d just long this. Higher lows + 1-day EMA are both bullish.”
At the time of writing, SUI is trading at $1.02 and is down 1.74% over the last 24 hours.
Altcoin Sherpa also mentioned that IO, the native token of decentralized computing network IO.NET, has been collected at $1.76. The trader shares a chart suggesting that IO has flipped its previous resistance level into support.
As of this writing, IO is trading at $1.73.
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