Trader Names One Altcoin As ‘AI Bet’ for 2024, Updates Outlook on Two Additional Crypto Assets
A popular crypto trader says he’s long-term bullish on an artificial intelligence (AI)-related altcoin even though its chart is flashing some potential warning signs.
The pseudonymous crypto analyst known as Altcoin Sherpa tells his 215,900 followers on the social media platform X that Render (RNDR) is his top AI pick for this market cycle.
“Going to have this as one of my AI bets for this cycle and throw it into a cold wallet and hold most of it.”
Render aims to provide close to real-time rendering by leveraging its network of decentralized Graphics Processing Units (GPUs).
Explains the project’s website,
“On top of a decentralized GPU computing network, Render 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].”
RNDR, the project’s native token, is trading at $10.21 at time of writing.
Altcoin Sherpa is also interested in Bittensor (TAO), a decentralized blockchain platform that focuses on machine learning and AI. But the trader acknowledges that the asset’s chart looks “scary” right now.
“Do I want to make this one of my high-conviction AI bets for 2024? It’s a decent place to buy with the 200-day exponential moving average (EMA) plus 0.50 Fibonacci. I think I’m going to go half size here and more at the .618 fib at $300ish.”
TAO is trading at $451.47 at time of writing. The 44th-ranked crypto asset by market cap is down nearly 4% in the past 24 hours.
Altcoin Sherpa says he’s 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.
“Looks like the recent move was just a deviation, this is going back in the range. I’m going to probably cut this now/soon and take profit. Happy to buy back higher later though on the true break.”
At time of writing, W is worth $0.658.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
The post Trader Names One Altcoin As ‘AI Bet’ for 2024, Updates Outlook on Two Additional Crypto Assets appeared first on The Daily Hodl.
