A cryptocurrency strategist known for his well-timed altcoin calls believes that two coins in the artificial intelligence (AI) subsector are poised for further price declines.
Altcoin Sherpa, a pseudonymous analyst, told his 215,200 followers on social media platform
“RNDR: This is the best time for a bull market. You will have the opportunity to scale from a major level to a great project. Buy up to $6 here and feel very confident.”
Traders use Fibonacci retracement levels to identify potential areas of support and resistance. As of this writing, RNDR is worth $9.06.
Another altcoin on the list of traders is Bittensor (TAO), a decentralized blockchain platform focused on machine learning and AI. According to Altcoin Sherpa, he sees TAO falling towards the 0.50 Fibonacci level to find support.
“TAO: Binance listing was (obviously) a popular event. The price is expected to fall to around $400, the Fibonacci level of 0.50 and the 200-day exponential moving average.
Nonetheless, prices have already reacted near that level, so I would really like to see that area hold. “If it’s so volatile that you can’t hold $400, you’ll think $320 is next.”
Last week, Binance announced the launch of trading services for TAO. As of this writing, TAO is worth $479.76.
The last altcoin on his radar is Interoperability Protocol Prom (PROM). Altcoin Sherpa says that if PROM fails to maintain range support around $9.45, a major selling event is likely.
“PROM: Below the range low but hitting the 200-day exponential moving average. Generally speaking, this is an area of interest and I would like to see this deal come back in range.
Close down = This part seems to be taking a big step back, but it’s still holding up.”
As of this writing, PROM is worth $11.07.
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