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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post This Layer-1 Altcoin Looks ‘Interesting’ After Forming Classic Bottom Structure, According to Veteran Trader appeared first on The Daily Hodl.
