A popular crypto trader says he is bullish on an artificial intelligence (AI)-related altcoin in the long term, even as the chart shows some potential warning signs.
The pseudonymous crypto analyst known as Altcoin Sherpa tells his 215,900 followers on social media platform X that Render (RNDR) is his top AI pick for this market cycle.
“I’m going to use this as one of my AI bets for this cycle and throw it into a cold wallet and keep most of it.”
Render aims to provide near real-time rendering by utilizing its network of decentralized Graphics Processing Units (GPUs).
Explains the project website,
“On top of a decentralized GPU computing network, Render provides a platform for artists and developers to build services and applications for the emerging digital economy, including digital rights management (DRM), artificial intelligence (AI) and next-generation virtual assets. [non-fungible tokens].”
RNDR, the project’s native token, is trading at $10.21 at the time of writing.
Altcoin Sherpa does also interested in Bittensor (TAO), a decentralized blockchain platform focused on machine learning and AI. But the trader acknowledges that the asset’s chart looks “scary” at the moment.
“Do I want to make this one of my compelling AI bets for 2024? It’s a good place to buy at the 200-day exponential moving average (EMA) plus 0.50 Fibonacci. I think I’ll go with the half size here and up the .618 fib for $300ish.
TAO is trading at $451.47 at the time of writing. The 44th-ranked crypto asset by market capitalization is down 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 push prices down to $0.587.
“It seems the recent move was just an anomaly, this goes back within the range. I’m probably going to scrap this now/soon and take profits. I am happy to buy back higher later, but during the real break.”
At the time of writing, W is worth $0.658.
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Generated image: DALLE3