A veteran dealer recognized for well timed crypto calls says he’s leaning bullish on the native token of a modular blockchain undertaking.
Pseudonymous dealer The Circulate Horse tells his Telegram channel that Celestia (TIA) could also be gearing up for a breakout after forming a traditional bottoming sample over the past six months.
“I discover TIA very fascinating proper now. For just a few causes:
- There appeared to be a serious capitulation of feelings on it over the previous couple of days, peaking in the course of the interval that [venture capitalist] Chris Burniske was the goal of CT (crypto Twitter) over his place on it.
- Due to that it has turn into one thing that whereas new and novel, has been largely written off.
- It’s bouncing alongside the identical low now for six months. Contextually not a nasty space to construct a place should you anticipate this market to proceed to work the way in which it does.”
Nonetheless, he warns that TIA could first dip to the $4 degree earlier than coming into an uptrend.
“Personally, I feel this construction begs for the spill beneath all these lows that will get purchased again up, which really strains up with a big bid positioned round $4. So one thing to maintain monitor of by no means the much less. However be mindful, if that got here, it will be a 20% haircut. That is simply an asset I need to hold tabs on.”
In September, Burniske doubled down on his prediction that TIA could be a top-performing altcoin this cycle and said he was nonetheless loading up on TIA tokens, anticipating an enormous restoration in some unspecified time in the future.
TIA is buying and selling for $4.67 at time of writing, down 5.1% within the final 24 hours.
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