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Home»ALTCOIN NEWS»Trader says Render will be one of the strongest altcoins in the coming weeks, updates outlook for 3 more altcoins
ALTCOIN NEWS

Trader says Render will be one of the strongest altcoins in the coming weeks, updates outlook for 3 more altcoins

By Crypto FlexsMay 31, 20243 Mins Read
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Trader says Render will be one of the strongest altcoins in the coming weeks, updates outlook for 3 more altcoins
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A widely respected cryptocurrency analyst believes one altcoin project focused on artificial intelligence (AI) will outperform the broader market.

Pseudonymous cryptocurrency trader Altcoin Sherpa tells his 216,400 followers on social media platform X that the decentralized GPU rendering blockchain Render (RNDR) has a strong market structure.

“RNDR: In my opinion, RNDR is still a great place to buy and hold. I think this will be a strong one in the coming weeks. However, due to the lack of volatility, it is not a good option for active trading.”

Source: Altcoin Sherpa/X

Looking at the chart, traders suggest that Render is holding the midpoint of the trading range as support and will soon break out to the upside.

Render is trading at $10.28 at the time of this writing, up almost 3% in the last 24 hours.

Next, traders warn that Ethereum (ETH) staking project Lido DAO (LDO) could soon retest the lower Fibonacci retracement level.

“LDO: Bid $2.10-$2.30.”

video
Source: Altcoin Sherpa/X

At the time of writing, LDO is trading at $2.33, down 2.1% in the last 24 hours.

Next, traders are near-term bullish on the underlying asset of modular blockchain network Celestia (TIA). However, he warned that TIA could decline in the coming months due to the upcoming token unlock, which is often perceived as bearish given the new sellable supply.

“TIA: I think this chart looks pretty good. I’m thinking about jumping on the train, but I’ll probably be patient. I’m hoping for some optimistic news so investors can get people to buy this before it’s unlocked in a few months. How do you create exit liquidity? Push up the chart before. “Do not hold it for a long time.”

video
Source: Altcoin Sherpa/X

TIA is trading at $11.11 at the time of this writing, up almost 2% in the last 24 hours.

Lastly, traders say they are generally bearish on interoperability blockchain Polkadot (DOT).

“Today a close friend asked me about DOT. Talk about a chain that failed and what was recovered. Should I pump it? Yes, it will go up to USDT (probably). Will it outperform the rest of the market? Very unlikely. I’m not saying you should sell it here, but if I’m exposed, I’ll sell the next pump.”

video
Source: Altcoin Sherpa/X

Polkadot is trading at $7.23 at the time of this writing, up almost 2% in the last 24 hours.

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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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