Cryptocurrency prices continue to fluctuate. Bitcoin’s price recently saw a drop followed by a rapid recovery. While these events unfold in the market, analysts keep providing their comments on altcoins. One analyst shared his views on three different altcoins.
Will RNDR Token Rise?
A popular crypto analyst, Altcoin Sherpa, maintained his long-term optimism about an AI-related altcoin, despite some warnings and question marks he noted on his chart.
In his statement on X, he told his thousands of followers that Render (RNDR) is the best AI choice in the current market cycle.
I will take this as one of my AI bets for this cycle and keep most of it in a cold wallet.
The project’s website describes RNDR as follows:
Situated on top of a decentralized GPU computing network, Render offers a platform for artists and developers to create services and applications for the emerging digital economy, including next-generation digital rights management (DRM), artificial intelligence (AI), and virtual assets (immutable tokens).
RNDR, the project’s native token, was trading at $10.78 at the time of writing, a level that continues to interest investors.
Altcoin Sherpa also shared his views on Bittensor (TAO), a decentralized blockchain platform focused on machine learning and artificial intelligence. However, the trader noted that the asset’s chart currently reflects a “scary” structure.
Do I want to make this one of my high-prediction AI bets for 2024? This is a good place to buy with a 200-day exponential moving average (EMA) plus 0.50 Fibonacci. I think I’ll buy half here and more at $300 at the .618 fib.
As of the time of writing, TAO continues to trade at $440.47, with its market value ranking 39th among cryptocurrencies, having dropped about 1% in the last 24 hours.
Analyst’s Comments on Wormhole (W)
Altcoin Sherpa also expressed his views on Wormhole (W), positioned as an inter-chain communication protocol. According to the analyst, the period when W’s price rose above the $0.72 resistance was merely a fake rally, and the price then dropped to $0.587.
The recent movement appears to be just a deviation; it’s returning to this range. I’ll probably cut this now/soon and take profits. I’d be happy to buy higher on a real breakout later.
As of the time of writing, W has risen by 0.54% after exceeding the mentioned level, now trading at $0.6534.
