Known for his timely and accurate altcoin predictions, leading cryptocurrency analyst Altcoin Sherpa has forecasted potential downward movements for Render (RNDR) and Bittensor (TAO) in the AI sector of the crypto market. The analyst also issued a warning for Prom (PROM).
Analysis of RNDR and TAO
Known as Altcoin Sherpa on social media platform X, with a large following, the analyst shared his views on RNDR and TAO, providing specific price levels for potential buying and selling opportunities.
The analyst highlighted the main network asset of Render, a project associated with Graphics Processing Units (GPUs), RNDR, and warned that the altcoin might revisit the 0.618 Fibonacci level before continuing its upward trend. Investors use Fibonacci retracement levels to identify potential support and resistance areas. Altcoin Sherpa advised investors to consider buying RNDR within a range up to $6, expressing confidence in the altcoin’s long-term trajectory.
In addition to RNDR, Altcoin Sherpa described Bittensor’s main network asset TAO as an altcoin potentially ready for further declines, identifying the 0.50 Fibonacci level as a potential support area.
The decentralized Blockchain platform Bittensor, focused on machine learning and artificial intelligence, saw its main network asset TAO face selling pressure shortly after being listed on the Binance exchange. Altcoin Sherpa expects TAO to potentially drop to around $400, and if the $400 support level fails amid increasing volatility, it could fall to $320.
Analysis of PROM
Following his analysis of RNDR and TAO, Altcoin Sherpa examined Prom’s main network asset PROM, indicating a significant likelihood of selling if the altcoin fails to maintain its support level around $9.45. Despite recently dropping below the bottom range, PROM bounced off its 200-day exponential moving average, a critical investment zone for investors.
The analyst preferred PROM to trade within its designated range, warning that a close below this support level could trigger a significant pullback.
