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:

1. 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.
2. Because of that it has become something that while new and novel, has been largely written off.
3. 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.

 

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