An expert in cryptocurrency, who is known for accurately predicting the rise and fall of altcoins, believes that two coins in the artificial intelligence (AI) subsector are likely to experience a decline in price.
Altcoin Sherpa, a pseudonymous analyst, recently shared his insights with his 215,200 followers on the social media platform X. He predicts that Render (RNDR), a project related to Graphics Processing Units (GPUs), may revisit the 0.618 Fibonacci level before experiencing a bullish reversal.
According to Altcoin Sherpa, these are favorable times to invest in RNDR during bull markets. He advises buying the coin at its current price or lower, down to $6, and expresses confidence in its potential.
Traders often use Fibonacci retracement levels to identify potential support and resistance areas. As of now, RNDR is valued at $9.06.
Another altcoin on Altcoin Sherpa’s radar is Bittensor (TAO), a decentralized blockchain platform that focuses on machine learning and AI. He believes that TAO may drop to the 0.50 Fibonacci level to find some support.
Altcoin Sherpa suggests that the recent listing of TAO on Binance led to a sell-off, but he expects the price to go even lower, possibly around $400. He emphasizes the importance of the 0.50 Fibonacci level and the 200-day exponential moving average, hoping that they will provide stability. However, if the price continues to be volatile, he predicts that it may drop further to $320.
Binance recently announced that it would offer trading services for TAO. As of now, TAO is valued at $479.76.
The third altcoin that Altcoin Sherpa is keeping an eye on is the interoperability protocol Prom (PROM). He believes that if PROM fails to maintain its support level at around $9.45, it may experience a significant sell-off.
Altcoin Sherpa notes that PROM has already broken below its range low, but it did touch the 200-day exponential moving average. He considers this area to be of interest and hopes that the coin will trade back within the range. However, if it closes below the range, he expects a significant pullback.
As of now, PROM is valued at $11.07.
Please note that the opinions expressed by Altcoin Sherpa are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl, where this information was sourced from, does not recommend buying or selling any cryptocurrencies or digital assets and is not an investment advisor.
