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