Trader Names One Altcoin As ‘AI Bet’ for 2024, Updates Outlook on Two Additional Crypto Assets
A preferred crypto dealer says he’s long-term bullish on a man-made intelligence (AI)-related altcoin regardless that its chart is flashing some potential warning indicators.
The pseudonymous crypto analyst often known as Altcoin Sherpa tells his 215,900 followers on the social media platform X that Render (RNDR) is his high AI choose 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 goals to supply near real-time rendering by leveraging its community of decentralized Graphics Processing Items (GPUs).
Explains the challenge’s web site,
“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 challenge’s native token, is buying and selling at $10.21 at time of writing.
Altcoin Sherpa is also interested in Bittensor (TAO), a decentralized blockchain platform that focuses on machine studying and AI. However the dealer acknowledges that the asset’s chart appears to be like “scary” proper 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 buying and selling at $451.47 at time of writing. The Forty fourth-ranked crypto asset by market cap is down practically 4% prior to now 24 hours.
Altcoin Sherpa says he’s less bullish on Wormhole (W), a cross-chain messaging protocol. In accordance with the dealer, W’s transfer above its resistance at $0.72 appears to be like like a fakeout rally that would ship costs 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 value $0.658.
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