A popular crypto analyst believes that the price of modular blockchain network Celestia (TIA) will crash in the long term.
Pseudonymous analyst Altcoin Sherpa tells his 222,800 followers on social media platform X that the TIA will eventually dip below $1, though he acknowledges it could experience a few “random short squeezes” before that.
“Psycho ops would be to drive the price up before the unlock so that all the early short sellers get caught out; the plebeians buy this thing and chase it, and the seed investors can slowly sell it. I wouldn’t hold this thing for long, but I’d probably be inclined to hold it short term? I’d probably take an entry around 4.60-4.40?”
Market participants are uncertain about Celestia’s price action going forward, given that the project is set to unlock 175.74 million TIA tokens on Oct. 31, according to digital asset research website CryptoRank.io. Unlocking a token 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 the time of writing, down slightly from the previous day.
Altcoin Sherpa also says he is not currently accumulating FET, the native token of the Artificial Superintelligence Alliance, a project focused on artificial intelligence (AI).
“I think it looks good, but I’m not personally buying here. S/R level (support/resistance) + 200-day EMA (exponential moving average) which acted as resistance. I’m happy to buy this price higher, as breaking above the $1.48 area would mean a higher high/trend change.
FET is trading at $1.26 at the time of writing and is down more than 2% in the last 24 hours.
Conversely, the analyst believes that the layer 1 blockchain Sui (SUI) is an “interesting blockchain to trade.”
“Don’t think too much about this long term given the unlocks/whatnot, but medium term it seems like you should only be interested in this thing. Higher lows + 1-day EMA all strong.”
SUI is trading at $1.02 at the time of writing and is down 1.74% over the last 24 hours.
Altcoin Sherpa also notes that he has accumulated IO, the native token of decentralized computing network IO.NET, at $1.76. The trader shares a chart suggesting that IO has turned a former resistance level into support.
IO is trading at $1.73 at the time of writing.
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