In a recent market forecast, a prominent cryptocurrency analyst, known as Altcoin Sherpa, has projected a downturn for two notable digital currencies, Render (RNDR) and Bittensor (TAO). Both assets, crucial in the AI-enhanced blockchain sector, are speculated to face declines according to the analyst’s predictions. Additionally, a caution was issued regarding the coin PROM, suggesting a potential decrease if certain market conditions are not met.
Insights on Render and Bittensor
The analyst, who commands a significant following on social media platform X, outlined specific price levels for RNDR and TAO, which could offer buying or selling triggers for keen investors. For RNDR, associated with Graphics Processing Units (GPUs), a dip to the 0.618 Fibonacci retracement level might present a buying opportunity, with an anticipation of resurgence in its price trajectory thereafter. The price range up to $6 was marked as favorable for accumulation.
On the other hand, TAO, which recently faced selling pressure post its listing on the Binance exchange, might descend further. The coin is expected to test the 0.50 Fibonacci support level, and a failure to hold might see its price fall towards $320, marking a significant drop from its current level.
Scrutiny on Prom (PROM)
Further extending his analysis to another coin, PROM, Altcoin Sherpa suggested that its price might also suffer if it fails to sustain above the $9.45 support level. Despite a recent recovery off its 200-day exponential moving average, the coin’s stability remains questionable, with potential for a substantial pullback if it closes below the noted support.
Points to take into account
- RNDR could be a potential buy if it drops to the indicated Fibonacci level and retains upward momentum.
- TAO may require cautious monitoring as it approaches critical support levels, with substantial downside risks.
- PROM’s market stability is tentative, requiring vigilant investment decisions if it dips below its support threshold.
These forecasts by Altcoin Sherpa provide crucial insights for investors involved in the cryptocurrency markets, particularly those interested in the sectors of artificial intelligence and machine learning. Market participants would do well to consider these predictions in their trading strategies, keeping an eye on the specified levels for potential action points.
