Even though the chart of an altcoin related to artificial intelligence (AI), which is popular among crypto traders, shows some warning signs on its long-term performance, a prominent trader believes that it will continue to rise in value.
Altcoin Sherpa is a pseudonymous cryptocurrency analyst. tells He has 215,900 social media followers (X that Render)RNDRThis market cycle, he believes that.
“Going to have this as one of my AI bets for this cycle and throw it into a cold wallet and hold most of it.”
Render is a rendering tool that aims to render in real time by using its decentralized network of Graphics Processing Units.
Explains The project website is available.
“On top of a decentralized GPU computing network, Render provides a platform for artists and developers to build services and applications for the emerging digital economy, including next-generation digital rights management (DRM), artificial intelligence (AI), and virtual assets [non-fungible tokens].”
RNDR is the native token of this project and it’s currently worth $10.21.
Altcoin Sherpa – also interested BittensorTAOThe platform is decentralized and focuses on AI, machine learning, and blockchain. The trader admits, however, that the chart of the asset looks a bit strange. “scary” Right now.
“Do I want to make this one of my high-conviction AI bets for 2024? It’s a decent place to buy with the 200-day exponential moving average (EMA) plus 0.50 Fibonacci. I think I’m going to go half size here and more at the .618 fib at $300ish.”
TAO was trading for $451.47 when this article was written. In the last 24 hours, TAO has dropped nearly 4% from its 44th ranking by market capital.
Altcoin Sherpa says he’s less bullish WormholeW), a cross-chain messaging protocol. According to this trader, W’s movement above its $0.72 resistance looks like an unreal rally which could lead to a price drop to $0.587.
“Looks like the recent move was just a deviation, this is going back in the range. I’m going to probably cut this now/soon and take profit. Happy to buy back higher later though on the true break.”
The current value of W is $0.658.
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