Altcoins
Trader Says Rendering Will Be One of the Strongest Altcoins in Coming Weeks, Updates Outlook on Three Additional Altcoins
A widely followed crypto analyst believes that an artificial intelligence (AI)-driven altcoin project is poised to outperform the broader market.
Pseudonymous crypto trader Altcoin Sherpa tell its 216,400 followers on social media platform X who decentralized GPU blockchain Render (RNDR) presents a seemingly solid market structure.
“RNDR: Still a good place to buy and hold RNDR in my opinion. I think this will be a strong question in the coming weeks. There is no volatility, so it is a poor active trading vehicle.
Source: Altcoin Sherpa/X
Looking at his chart, the trader suggests that Render is holding the middle of the trading range as support and is about to break out to the upside.
Render is trading at $10.28 at the time of writing, up almost 3% in the last 24 hours.
Then the trader warns as Lido DAO (YES), an Ethereum (ETH), staking project, could soon retest the lower Fibonacci retracement levels.
“LDO: bid between $2.10 and $2.30.
Source: Altcoin Sherpa/X
LDO is trading at $2.33 at the time of writing, down 2.1% in the last 24 hours.
Then the trader is bullish in the short term on the native asset of the Celestia modular blockchain network (AIT). However, he warns that TIA could decline in the coming months due to the upcoming token unlock, which is often seen as bearish given the new salable supply.
“TIA: In my opinion, this graphic looks pretty good. I’m thinking about getting on the train, but I’ll probably be patient. We expect some bullish news so people will buy this before investors unlock in a few months. How to generate exit cash? Push the graphic up front. Don’t hold on to this for long.
Source: Altcoin Sherpa/X
TIA is trading at $11.11 at the time of writing, up almost 2% in the last 24 hours.
Finally, the trader said he is overall bearish on the Polkadot interoperability blockchain (POINT).
“A close friend asked me about DOT today. Talk about a failed chain and something that was rekt. Will it pump? Yes, it will increase in USDT (probably). Will it outperform the rest of the market? Highly unlikely. I’m not saying you should sell here or anything, but if I was exposed I would sell the next pump.
Source: Altcoin Sherpa/X
Polkadot is trading at $7.23 at the time of writing, up almost 2% in the last 24 hours.
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