A veteran trader known for making timely cryptocurrency calls says he is bullish on the modular blockchain project’s native token.
Household trader The Flow Horse said on his Telegram channel that Celestia (TIA) may be preparing for a breakout after forming a classic bottoming pattern over the past six months.
“I think TIA is very exciting right now. Here are some reasons:
- There seemed to be a major capitulation of sentiment on this over the past few days, reaching a peak during the period when (venture capitalist) Chris Burniske was targeted by CT (Crypto Twitter) for his stance on this.
- That makes it something new, novel, and largely deleted.
- It has been maintaining the same lowest level for 6 months now. Circumstantially, this is not a bad area to build a position in if you expect the market to continue to behave the way it does now.”
However, he warns that TIA may first fall to the $4 level before entering an upward trend.
“Personally I think this structure calls for spills below any lows being bought back, and in reality it matches a big bid around $4. So, you have something to keep track of. But keep in mind that that would be a 20% haircut. This is an asset I want to keep an eye on.”
In September, Burniske doubled down on his prediction that TIA would be the best-performing altcoin this cycle, and said he was still accumulating TIA tokens in anticipation of a major recovery at some point.
At the time of this writing, TIA is trading at $4.67, down 5.1% in the last 24 hours.
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