Although the cryptocurrency market started the new week in the green, it lacks strong momentum. That’s why analysts are making bearish predictions for some tokens. A crypto analyst with a large following is expecting further downside for two AI-focused altcoins. Additionally, the analyst predicts that a token will see major sales.
Altcoin Sherpa: RNDR will revisit the bottoms before rising!
cryptokoin.comAs you can see from , the market is relatively calm after a rollercoaster ride. However, the feeling of uncertainty in the market makes traders and investors nervous. Analyst with the pseudonym Altcoin Sherpa says Render (RNDR), a project related to Graphics Processing Units (GPUs), will revisit the 0.618 Fibonacci level before witnessing a bullish reversal. In this context, the analyst shares the following assessment:
RNDR: These are great times in bull markets. You get the chance to get into great projects at key levels. Buy here for as low as $6 and feel very confident about it.
Meanwhile, at the time of writing, RNDR was trading at $9.38, up 4% on the day. The token made a progress of approximately 2% on its weekly chart.
TAO needs to fall to find support!
Following Render, the analyst looks at Bittensor (TAO), another AI-led blockchain platform. According to the analyst, TAO needs to fall to the 0.50 Fibonacci level to find some support. Altcoin Sherpa explains his views on this issue as follows:
TAO: The Binance listing was a news sell event (of course). I expect the price to drop to around $400, the 0.50 Fibonacci level, and the 200-day exponential moving average. Still, the price has already reacted at this level. So I really want to see that space retained. The intense fluctuation here suggests that if $400 does not hold, $320 will be next.
Meanwhile, cryptokoin.com As we reported, last week Binance added TAO to its list. This seriously ignited the token. However, TAO later gave back most of its gains. TAO was changing hands at $483 at the time of writing.
“PROM will probably face a massive sell-out!”
Altcoin Sherpa is finally bringing the interoperability protocol Prom (PROM) to the table. The analyst says the token will likely face a massive sell-off if it fails to hold its range support around $9.45. In this regard, the analyst makes the following comment:
PROM has moved below the low range. However, it tagged the 200-day exponential moving average. Generally speaking, this is an area of interest and I would like to see this trade return within the range. Close below = I think this means a significant pullback. However, I still hold it.
Meanwhile, PROM was trading at $11.6 at the time of writing, up 5.6% on a daily basis.
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