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Home»ALTCOIN NEWS»Analyst Predicts Corrections for Two AI Altcoins and Says One Low-Cap Coin Is at Serious Downside Risk
ALTCOIN NEWS

Analyst Predicts Corrections for Two AI Altcoins and Says One Low-Cap Coin Is at Serious Downside Risk

By Crypto FlexsApril 22, 20243 Mins Read
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Analyst Predicts Corrections for Two AI Altcoins and Says One Low-Cap Coin Is at Serious Downside Risk
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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.”

source: Altcoin Sherpa/X

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.”

video
source: Altcoin Sherpa/X

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.”

video
source: Altcoin Sherpa/X

As of this writing, PROM is worth $11.07.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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