- The cryptocurrency market presents a mixed outlook, with investors and traders on the lookout for new opportunities amidst increasing uncertainty.
- A crypto analyst with a large following suggests that an altcoin related to artificial intelligence is on a long-term uptrend.
- The analyst also shares two tokens on his radar.
In the midst of market uncertainty, a renowned crypto analyst identifies an AI-related altcoin for potential long-term growth and shares insights on two other tokens.
Altcoin Sherpa: Holding RNDR in a Cold Wallet!
As fluctuations in Bitcoin’s movements indicate market direction uncertainty, investors are still preparing for the future by seeking tokens with high potential. Analyst Altcoin Sherpa suggests that Render (RNDR) is the best AI choice for this market cycle. He plans to hold most of it in a cold wallet.
Render: Aiming for Real-Time Processing
Render aims to provide near-real-time processing by leveraging a decentralized network of Graphics Processing Units (GPUs). The project’s native token, RNDR, was trading at $10.60 at the time of writing, showing a 6.4% increase on its daily chart despite market stagnation. Furthermore, it recorded a significant increase of approximately 49% on its weekly chart.
Analyst Marks Buying Levels for TAO!
Altcoin Sherpa is also interested in Bittensor (TAO), a decentralized Blockchain platform focused on machine learning and artificial intelligence. However, he admits that the token’s chart currently looks “scary”. He suggests that it could be a suitable place to buy with the 200-day exponential moving average (EMA) plus 0.50 Fibonacci.
TAO: Trading at $432
At the time of writing, TAO was trading at $432. The token, ranked 39th by market value, fell approximately 3% in the last 24 hours.
Altcoin Sherpa Has Plans for W!
Finally, the analyst suggests that Wormhole (W), a cross-chain messaging protocol, is less bullish. According to Altcoin Sherpa, if W rises above the $0.72 resistance, it could look like a false rally that could drop prices to $0.587.
W: Trading at $0.6494
At the time of writing, W was changing hands at $0.6494, a daily gain of 0.3%. W saw an increase of over 11% on its weekly chart.
Conclusion
As the crypto market navigates through uncertain times, investors and traders are keeping a keen eye on potential opportunities. Altcoins such as RNDR, TAO, and W, as highlighted by Altcoin Sherpa, could offer interesting prospects for those willing to venture into the AI and cross-chain messaging sectors. However, as always, thorough research and risk assessment are crucial before making any investment decisions.
