dailyhodl.com
A popular crypto analyst thinks the modular blockchain network Celestia ($TIA) will collapse in price over the long term.
Pseudonymous analyst Altcoin Sherpa tells his 222,800 followers on the social media platform X that $TIA will plunge to below $1 eventually, though he acknowledges it could see some “random short squeezes” before that.
“Psyops would be to pump price going into unlocks so all early shorters get rekt; plebs buy this thing and chase, and seed investors slowly get to dump. Wouldn’t hold this thing for a long time, but I’d probably lean towards longing it in the short term? Probabaly grab an entry around 4.60ish-4.40?”
Market participants have been uncertain about the future price action of Celestia, given that the project is slated to unlock 175.74 million $TIA tokens on October 31st, according to the digital asset research website CryptoRank.io. A token unlock 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 time of writing, a fractional decrease over the past day.
Altcoin Sherpa also says he’s not currently accumulating $FET, the native token of the Artificial Superintelligence Alliance, an artificial intelligence (AI)-focused project.
“I think looks good but I am not personally buying here. S/R (support/resistance) level + 200-day EMA (expontential moving average) that’s acted as resistance. Happy to buy this higher though because breaking the $1.48 area would mean a higher high/shift in trend.”
$FET is trading at $1.26 at time of writing and is down more than 2% in the past 24 hours.
Conversely, the analyst thinks layer-1 blockchain Sui ($SUI) is a “decent one to trade.”
“Don’t think much about it long term given unlocks/everything else but in the mid-term it looks like you should only be longing this thing. Higher low + 1-day EMAs all strong.”
$SUI is trading at $1.02 at time of writing and is down 1.74% in the past 24 hours.
Altcoin Sherpa also notes that he accumulated IO, the native token of the decentralized computing network IO.NET, at $1.76. The trader shares a chart suggesting that IO has flipped a former resistance level into support.
IO is trading at $1.73 at time of writing.
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