This Layer-1 Altcoin Looks ‘Interesting’ After Forming Classic Bottom Structure, According to Veteran Trader
A veteran trader known for timely crypto calls says he’s leaning bullish on the native token of a modular blockchain project.
Pseudonymous trader The Flow Horse tells his Telegram channel that Celestia (TIA) may be gearing up for a breakout after forming a classic bottoming pattern during the last six months.
“I find TIA very interesting right now. For a few reasons:
- There seemed to be a major capitulation of emotions on it over the last few days, peaking during the period that [venture capitalist] Chris Burniske was the target of CT (crypto Twitter) over his position on it.
- Because of that it has become something that while new and novel, has been largely written off.
- It is bouncing along the same low now for six months. Contextually not a bad area to build a position if you expect this market to continue to work the way it does.”
However, he warns that TIA may first dip to the $4 level before entering an uptrend.
“Personally, I think this structure begs for the spill below all those lows that gets bought back up, which actually lines up with a large bid placed around $4. So something to keep track of never the less. But keep in mind, if that came, it would be a 20% haircut. This is just an asset I want to keep tabs on.”
In September, Burniske doubled down on his prediction that TIA would be a top-performing altcoin this cycle and said he was still loading up on TIA tokens, anticipating a massive recovery at some point.
TIA is trading for $4.67 at time of writing, down 5.1% in the last 24 hours.
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