- A popular crypto trader is bullish on an AI-related altcoin, Render (RNDR), despite potential warning signs on its chart.
- The trader, known as Altcoin Sherpa, has shared his insights with his 215,900 followers on social media platform X.
- Render aims to provide near real-time rendering by leveraging its network of decentralized Graphics Processing Units (GPUs).
Altcoin Sherpa, a well-known crypto trader, expresses long-term bullish sentiments on AI-related altcoin Render (RNDR) despite some potential warning signs. The trader also shows interest in Bittensor (TAO), another AI-focused blockchain platform.
Render (RNDR): A Top AI Pick for the Market Cycle
Altcoin Sherpa has identified Render (RNDR) as his top AI pick for this market cycle. The project aims to provide close to real-time rendering by leveraging its network of decentralized Graphics Processing Units (GPUs). Render also 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]. The project’s native token, RNDR, is trading at $10.21 at the time of writing.
Bittensor (TAO): A Potential High-Conviction AI Bet
Altcoin Sherpa is also showing interest in Bittensor (TAO), a decentralized blockchain platform that focuses on machine learning and AI. However, the trader acknowledges that the asset’s chart looks “scary” right now. Despite this, he considers it a decent place to buy with the 200-day exponential moving average (EMA) plus 0.50 Fibonacci. The trader plans to go half size here and more at the .618 fib at $300ish. At the time of writing, TAO is trading at $451.47.
Less Bullish on Wormhole (W)
On the other hand, Altcoin Sherpa is less bullish on Wormhole (W), a cross-chain messaging protocol. According to the trader, W’s move above its resistance at $0.72 looks like a fakeout rally that could send prices tumbling to $0.587. He plans to cut this soon and take profit, but is open to buying back higher later on the true break. At the time of writing, W is worth $0.658.
Conclusion
While Altcoin Sherpa remains bullish on Render (RNDR) and Bittensor (TAO), he is less optimistic about Wormhole (W) due to its recent price movements. As always, investors are advised to do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.
