A renowned cryptocurrency trader is pinpointing potential entry points for three popular artificial intelligence (AI) altcoins.
A pseudonymous analyst known as Altcoin Sherpa encourage 207,700 followers on social media platform
“Considering how difficult some of these are, I see the .236 fib and .382 fib areas as a good starting point. It won’t all fit into one entry. Don’t FOMO. A withdrawal will probably come soon.
This is more like a transaction than an investment. When it comes to investing, it’s better to scale up and then go into a coma and not trade and just leave it there for a while.
I wouldn’t be surprised if we see some sort of mild decline or consolidation soon. If you see it lasting for several days at these high levels, that’s pretty good. “We want the volume to go down significantly.”
Traders use Fibonacci extensions in technical analysis to estimate profit targets and price declines. It is based on Fibonacci ratios.
Fetch.ai, a decentralized artificial intelligence platform for applications, is trading at $1.06 at the time of this writing. Potential entry points for the asset on the Altcoin Sherpa chart are $0.7669 and $0.6856.
Worldcoin, the controversial eye-scanning biometric encryption project, is trading at $6.72 at the time of this writing. Altcoin Psycho’s chart for the asset indicates potential entry points at $6.618 and $5.764.
Bittensor, a decentralized blockchain platform focused on machine learning and AI, is trading at $628.33 at the time of this writing. Altcoin Psycho indicates potential entry points at $586.68 and $517.75.
The analyst also points out that traders should watch out for volatility, high volume and two-way wicks.
“That usually means there’s some sort of regional or larger summit here.
I play by ear, but yes, I think AI play is still something I need to focus on. Leaders like TAO and WLD should be the first to focus. When they start to fall back, so does everything else.
That means we need to start thinking about the AI bag of this cycle. It’s not too late. “Don’t just sit there because you’re ‘already pumped.’”
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