The cryptocurrency market has a mixed outlook. In this environment where uncertainty is increasing, investors and traders are looking for new opportunities. A crypto analyst with a large following says he is long-term bullish on an altcoin related to artificial intelligence. The analyst also shares two tokens on his radar.
Altcoin Sherpa: I will put RNDR in a cold wallet and keep it!
cryptokoin.comAs you follow from, Bitcoin’s back-and-forth movements show that the direction in the market is uncertain. Investors are still looking for tokens with high potential to prepare for the future. Analyst with the nickname Altcoin Sherpa says Render (RNDR) is the best AI pick for this market cycle. In this context, the analyst said, “I will take this as one of my AI bets for this cycle. “Also, I will put it in a cold wallet and keep most of it.” says.
Render aims to provide near real-time rendering by leveraging a decentralized network of Graphics Processing Units (GPUs). Meanwhile, the project’s native token, RNDR, was trading at $10.60 at the time of writing. The token saw a 6.4% increase on its daily chart despite the market lull. Moreover, it recorded a significant increase of around 49% on its weekly chart.
Analyst marks buy levels for TAO!
Altcoin Sherpa is also interested in Bittensor (TAO), a decentralized blockchain platform focused on machine learning and artificial intelligence. However, the analyst admits that the token’s chart is “scary” right now. In this regard, he makes the following statement:
Do I want to make this one of my high-profile AI bets for 2024? This is a good place to buy with the 200-day exponential moving average (EMA) plus 0.50 Fibonacci. I think I’ll get half a size here and more in .618 fib at $300.
Meanwhile, TAO was trading at $432 at the time of writing. The 39th-ranked token by market cap is down nearly 3% in the last 24 hours.
‘Altcoin Sherpa’‘s plans for W there is!
Finally, the analyst says he is less bullish on Wormhole (W), a cross-chain messaging protocol. According to the analyst, W’s breakout above the $0.72 resistance looks like a false rally that could sink prices to $0.587. Altcoin Sherpa says the following about W:
The last move seems to be just a deviation, reversing in this range. I’ll probably cut this now/soon and take profits. I’d be happy to buy higher later on a real breakout.
Meanwhile, at the time of writing, W was changing hands at $0.6494, gaining 0.3% on a daily basis. W saw an increase of over 11% on its weekly chart.
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