Altcoin
Trader Names Altcoin as ‘AI Bet’ for 2024, Updates Outlook on Two Additional Crypto Assets
A popular cryptocurrency trader says he is long-term bullish on an artificial intelligence (AI)-related altcoin, even though its chart is showing some potential warning signs.
The pseudonymous crypto analyst known as Altcoin Sherpa tells his 215,900 followers on the social media platform X that Render (RNDR) is his top AI pick for this market cycle.
“I’ll take this as one of my AI bets for this cycle and put it in a cold wallet and hold most of it.”
Source: Altcoin Sherpa/X
Render aims to provide near real-time rendering by leveraging its network of decentralized graphics processing units (GPUs).
Explains the project website,
“In addition to a decentralized GPU computing network, Render provides a platform for artists and developers to create services and applications for the emerging digital economy, including next-generation digital rights management (DRM), artificial intelligence (AI ) and virtual resources. [non-fungible tokens].”
RNDR, the project’s native token, is trading at $10.21 as of this writing.
Altcoin Sherpa it is also interested in Bittensor (TAO), a decentralized blockchain platform that focuses on machine learning and artificial intelligence. But the trader acknowledges that the asset’s chart looks “scary” right now.
“Do I want to make this one of my high-conviction AI bets for 2024? It is a decent place to buy with the 200 day exponential moving average (EMA) plus 0.50 Fibonacci. I think I’ll go for half the size here and more at the .618 fib at around $300. “
Source: Altcoin Sherpa/X
TAO is trading at $451.47 as of this writing. The 44th largest crypto asset by market capitalization fell nearly 4% in the past 24 hours.
Altcoin Sherpa says yes less bullish on Wormhole (W), a cross-chain messaging protocol. According to the trader, W’s move above its resistance at $0.72 looks like a fake rally that could send prices crashing to $0.587.
“It seems like the recent move was just a deviation, we are getting back into the range. I’ll probably cut it now/soon and make a profit. Happy to buy back higher later, albeit during the real break.
Source: Altcoin Sherpa/X
At the time of writing, W is worth $0.658.
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