Trader Expects Render to Showcase Strength in the Coming Weeks, Provides Updates on Three Other Altcoins
A renowned crypto analyst has expressed confidence in an artificial intelligence (AI) focused altcoin, believing that it will surpass the overall market performance.
Altcoin Sherpa, a pseudonymous crypto trader, recently shared with his 216,400 followers on the social media platform X that Render (RNDR), a decentralized GPU rendering blockchain, is displaying a robust market structure.
“RNDR: I still recommend buying and holding RNDR. In my opinion, it is expected to perform strongly in the following weeks. However, it should be noted that it lacks volatility, making it unsuitable for active trading.”
Based on Altcoin Sherpa’s analysis, Render is currently finding support in the middle of its trading range and is on the verge of breaking out to the upside.
Render is currently trading at $10.28, reflecting a nearly 3% surge in the last 24 hours.
Moving on, the trader cautions investors about Lido DAO (LDO), an Ethereum (ETH) staking project, suggesting that it may experience a retest of lower Fibonacci retracement levels in the near future.
“LDO: The suggested bid range is between $2.10 and $2.30.”
LDO is presently trading at $2.33, showing a decrease of 2.1% within the last 24 hours.
Altcoin Sherpa also expresses optimism regarding the short-term performance of Celestia’s (TIA) native asset, which operates on a modular blockchain network. However, he warns of a potential decline in the coming months due to an upcoming token unlock, which often results in a bearish sentiment due to the additional sellable supply.
“TIA: In my view, this chart appears quite promising. I am considering entering the market, but patience may be necessary. Expect positive news to entice buyers prior to the investors’ unlock event in a few months. How can exit liquidity be generated? By driving the chart upwards beforehand. Avoid holding onto this asset for an extended period.”
TIA is currently trading at $11.11, indicating an almost 2% increase within the past 24 hours.
In conclusion, the trader expresses a bearish outlook on Polkadot (DOT), an interoperability blockchain.
“A close friend recently asked me about DOT. It is undoubtedly a failed chain that experienced significant losses. Will it experience a price increase? Yes, it may rise against USDT. However, will it outperform the rest of the market? It is highly unlikely. I am not suggesting selling at the current moment, but if I were exposed to it, I would sell during the upcoming pump.”
Polkadot is presently trading at $7.23, reflecting an almost 2% increase within the last 24 hours.
Generated Image: Midjourney