A popular crypto analyst thinks that the modular blockchain network Celestia (TIA) will collapse in price in the long term.
Pseudonymous analyst Altcoin Sherpa tells According to his 222,800 followers on the social media platform
“Psyops would be to increase the price by going to unlocks so that all early shorts get stretch; the people are buying this thing and going after it, and seed investors are slowly dumping. Wouldn’t hold this thing for long, but I’d probably crave it in the short term? Probably an entry around 4.60ish-4.40?”
Market participants were uncertain about Celestia’s future price action as the project will unlock 175.74 million TIA tokens on October 31, according to the digital asset research website. CryptoRank.io. A token unlock adds more coins to the circulating supply, which could cause selling pressure among investors who got in first.
TIA is trading at $4.65 at the time of writing, down fractionally in the past day.
Altcoin Sherpa too say he is not currently collecting FET, the native token of the Artificial Superintelligence Alliance, an artificial intelligence (AI)-focused project.
“I think it looks good, but I personally don’t buy here. S/R level (support/resistance) + 200-day EMA (exponential moving average) which acts as resistance. I am happy to buy this higher as breaking the $1.48 area would mean a higher high/trend shift.”
FET is trading at $1.26 at the time of writing and is down more than 2% in the last 24 hours.
Conversely, the analyst thinks layer-1 blockchain Sui (SUI) is a “decent blockchain for trading.”
“Don’t think about it much in the long term given the unlocks/everything else, but in the medium term it seems like you should just be lusting after this thing. Higher low + 1-day EMAs all strong.”
SUI is trading at $1.02 at the time of writing and is down 1.74% in the last 24 hours.
Altcoin Sherpa too notes that he collected IO, the native token of the decentralized computer network IO.NET, for $1.76. The trader shares a chart suggesting that IO has turned a former resistance level into support.
IO is trading at $1.73 at the time of writing.
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Generated image: Midjourney
