Bittensor

Sherpa

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 A closely followed crypto strategist known for his timely altcoin calls believes two <a rel="noopener noreferrer nofollow" title="coins" href="https://thebittimes.com/tag/coins.html">coins</a> in the artificial intelligence (AI) subsector are going to see more downside price action.
 Pseudonymous analyst Altcoin Sherpa tells his 215,200 followers on the social media platform X that Render (RNDR), a project related to Graphics Processing Units (GPUs), could revisit the 0.618 Fibonacci level before witnessing a bullish reversal.
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 “RNDR: these times are great during bull markets; you get a chance to scale into great projects at key levels. Buy from here down to $6 and feel very confident about it.”
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GLiEnDtWEAAyM-R?format=png&amp;name=4096x4096" alt="Image" width="2099" height="1209">
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 Source: Altcoin Sherpa/X
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 Traders use Fibonacci retracement levels to identify potential support and resistance areas. At time of writing, RNDR is worth $9.06.
 Another altcoin on the trader’s list is Bittensor (TAO), a decentralized blockchain platform that focuses on machine learning and AI. According to Altcoin Sherpa, he sees TAO dropping to 0.50 Fibonacci level to find some support.
 “TAO: Binance listing was a sell-the-news event (obviously). Expecting price to go lower around $400-ish, 0.50 Fibonacci level and 200-day exponential moving average. 
 Still, price already reacted around that level, so would really like to see that area hold. Heavy volatility there will make me think that $320 is next if $400 can’t hold.”
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GLiCqEaWsAA3cmB?format=jpg&amp;name=4096x4096" alt="Image" width="2099" height="1209">
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 Source: Altcoin Sherpa/X
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 Last week, Binance announced that it was rolling out trading services for TAO. At time of writing, TAO is worth $479.76.
 The last altcoin on his radar is the interoperability protocol Prom (PROM). Altcoin Sherpa says that PROM will likely see a big sell-off event if it fails to hold its range support at around $9.45.
 “PROM: broke below range low but did tag the 200-day exponential moving average. Generally speaking, it’s an area of interest and I’d like to see this trade back within the range. 
 Close below = I think this one pulls back significantly but I’m still holding.”
 <figure style="width: 100%" class="wp-caption aligncenter"><img loading="lazy" decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GLiCG2SXMAAPzTh?format=jpg&amp;name=4096x4096" alt="Image" width="2099" height="1209">
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 Source: Altcoin Sherpa/X
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 At time of writing, PROM is worth $11.07.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/analyst-predicts-corrections-for-two-ai-altcoins-says-one-low-cap-coin-in-danger-of-significant-pullback-tbt85955.html">https://thebittimes.com/analyst-predicts-corrections-for-two-ai-altcoins-says-one-low-cap-coin-in-danger-of-significant-pullback-tbt85955.html</a>

Analyst Predicts Corrections for Two AI Altcoins, Says One Low-Cap Coin in Danger of Significant Pullback

TheBitTimes

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