A popular crypto trader says he’s long-term bullish on an artificial intelligence (AI)-related altcoin even though its chart is flashing 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.
“Going to have this as one of my AI bets for this cycle and throw it into a cold wallet and hold most of it.”
Render aims to provide close to real-time rendering by leveraging its network of decentralized Graphics Processing Units (GPUs).
Explains the project’s 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 next-generation digital rights management (DRM), artificial intelligence (AI), and virtual assets [non-fungible tokens].”
RNDR, the project’s native token, is trading at $10.21 at time of writing.
Altcoin Sherpa is also interested in Bittensor (TAO), a decentralized blockchain platform that focuses on machine learning and AI. 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’s a decent place to buy with the 200-day exponential moving average (EMA) plus 0.50 Fibonacci. I think I’m going to go half size here and more at the .618 fib at $300ish.”
TAO is trading at $451.47 at time of writing. The 44th-ranked crypto asset by market cap is down nearly 4% in the past 24 hours.
Altcoin Sherpa says he’s 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 fakeout rally that could send prices tumbling to $0.587.
“Looks like the recent move was just a deviation, this is going back in the range. I’m going to probably cut this now/soon and take profit. Happy to buy back higher later though on the true break.”
At time of writing, W is worth $0.658.
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