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Home»ALTCOIN NEWS»Trader names one altcoin as his 2024 ‘AI Bet’ and updates outlook for two additional crypto assets.
ALTCOIN NEWS

Trader names one altcoin as his 2024 ‘AI Bet’ and updates outlook for two additional crypto assets.

By Crypto FlexsMay 7, 20243 Mins Read
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Trader names one altcoin as his 2024 ‘AI Bet’ and updates outlook for two additional crypto assets.
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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.”

Source: Altcoin Sherpa/X

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.”

video
Source: Altcoin Sherpa/X

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.”

video
Source: Altcoin Sherpa/X

As of this writing, the value of W is $0.658.

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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 you will be responsible for any losses you may incur. 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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