This Layer-1 Altcoin Looks 'Interesting' After Forming Classic Bottom Structure, According to Veteran Trader

A veteran dealer recognized for well timed crypto calls says he’s leaning bullish on the native token of a modular blockchain challenge.

Pseudonymous dealer The Move Horse tells his Telegram channel that Celestia (TIA) could also be gearing up for a breakout after forming a traditional bottoming sample over the last six months.

“I discover TIA very fascinating proper now. For a couple of causes:

There appeared to be a significant capitulation of feelings on it over the previous few 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 develop 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 foul space to construct a place in the event you anticipate this market to proceed to work the way in which it does.”

Nevertheless, he warns that TIA might first dip to the $4 stage 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 traces up with a big bid positioned round $4. So one thing to maintain observe of by no means the much less. However consider, if that got here, it could be a 20% haircut. That is simply an asset I wish to hold tabs on.”

In September, Burniske doubled down on his prediction that TIA can 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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