Altcoin Sherpa, a well-known crypto trader, has expressed his long-term bullishness on an altcoin related to artificial intelligence (AI), despite some potential warning signs on its chart. In a post on the social media platform X, Altcoin Sherpa revealed that his top AI pick for this market cycle is Render (RNDR). He plans to hold most of it in a cold wallet. Render aims to offer almost real-time rendering by utilizing its decentralized Graphics Processing Units (GPUs). The project also provides a platform for artists and developers to create services and applications for the emerging digital economy, including next-generation digital rights management, AI, and non-fungible tokens (NFTs). At the time of writing, RNDR is trading at $10.21.
Altcoin Sherpa also expressed interest in Bittensor (TAO), a decentralized blockchain platform focused on machine learning and AI. However, he acknowledged that the asset’s chart currently looks “scary.” He plans to buy at the 200-day exponential moving average (EMA) plus 0.50 Fibonacci, and then increase his position at the .618 fib at around $300. At present, TAO is trading at $451.47 and has experienced a nearly 4% decline in the past 24 hours.
On the other hand, Altcoin Sherpa is less bullish on Wormhole (W), a cross-chain messaging protocol. He believes that W’s move above its resistance at $0.72 appears to be a fakeout rally, indicating that prices may fall to $0.587. He plans to cut his position and take profit, with the intention of buying back at a higher price later if there is a true break. Currently, W is valued at $0.658.
It is important to note that the opinions expressed by Altcoin Sherpa are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are undertaken at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl, where this information was sourced, does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice.
