A closely watched cryptocurrency strategist is warning that one modular blockchain project may be on the verge of collapse.
Pseudonymous analyst Altcoin Sherpa told his 224,000 followers on social media platform He said it was possible.
The analyst cited a survey of other X users that purportedly shows that the wallets of the project’s early investors are seeing steady revenue.
“In my opinion, this is why TIA will end up below $1. Investors who entered at $0.02 will continue to dump their staked tokens. This will create a nice rally. Of course. And you’re going to replace them. But if you hold on to this for a long time, you’re going to be poor.”
TIA is trading at $4.53 at the time of writing, down 11.4% in the past 24 hours.
Next, analysts say Bitcoin (BTC) could be gearing up for a September 2023-style breakout after its trading range narrows.
“The last time we saw this much compression in the 1-day EMA (exponential moving average) was in September 2023 for BTC, just before the market spiked.”
Source: Altcoin Sherpa/X
At the time of writing, Bitcoin was trading at $60,203, down 2.6% in the past 24 hours.
The analyst also said that the Layer 2 Scaling Solution Stack (STX) may be coming out of the accumulation phase.
“STX looks very strong overall and this looks like a clear accumulation zone. BTC projects could see a strong rally and if STX takes the lead, all betas will also I expect it to follow. I haven’t checked this chart a bit yet, but it seems like a good chart to build on in this range.”
Source: Altcoin Sherpa/X
STX is trading at $1.73 at the time of writing, down nearly 2% in the past 24 hours.
Finally, analysts are expressing bullish sentiment on a new Ethereum (ETH)-based “re-staking” protocol, EIGEN.
“EIGEN has no price history and the only way to create such a bad chart is to buy at $4/$3.50/$3.15. We still think it is relatively undervalued.”
Source: Altcoin Sherpa/X
EIGEN is trading at $3.49 at the time of writing, down 4.7% over the past 24 hours.
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