A prominent cryptocurrency trader says he is bullish on the long term despite the charts of artificial intelligence (AI)-linked altcoins flashing several potential warning signs.
Anonymous cryptocurrency analyst known as Altcoin Sherpa says 215,900 followers on social media platform X that Render (RNDR) is his top AI pick this market cycle.
“We will take this as one of our AI bets for this cycle and put it in a cold wallet to keep most of it.”
Render aims to provide near real-time rendering by leveraging a distributed network of graphics processing units (GPUs).
Describe the project’s website,
“On top of a distributed 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 token).”
The project’s native token, RNDR, is trading at $10.21 at the time of this writing.
Altcoin Sherpa Also interested Bittensor (TAO) is a decentralized blockchain platform focused on machine learning and AI. However, the trader admits that the asset’s charts currently look “scary.”
“Do you want to make this one of your high-conviction AI bets for 2024? This is a good place to buy the 200-day exponential moving average (EMA) plus 0.50 Fibonacci. I think I’d go for a half size here at .618 fib for about $300.”
TAO is trading at $451.47 at the time of this writing. The 44th-largest cryptocurrency asset by market capitalization has fallen nearly 4% in the past 24 hours.
Altcoin Sherpa says: less optimistic In Wormhole(W), a cross-chain messaging protocol. According to traders, W breaking above the $0.72 resistance level looks like a fake-out rally that could cause the price to crash to $0.587.
“It seems like the recent move was just an aberration. This is going back into range. I’ll probably benefit from cutting this now/soon. I would be happy to purchase it again at a higher price later when I have a real break.”
As of this writing, the value of W is $0.658.
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