A closely followed crypto strategist believes one Top-50 artificial intelligence (AI)-related altcoin is preparing to witness big rallies in the coming months.
Pseudonymous analyst Altcoin Sherpa tells his 215,400 followers on the social media platform X that Render (RNDR), a project related to Graphics Processing Units (GPUs), will likely hold a range low as support.
“RNDR: expecting this area to hold. $10 is a bargain. Expecting much higher prices in the coming months. I’m in this again.”
Looking at his chart, the trader suggests the level around $10 is the bottom of a trading range with an upper bound of $12.72.
Render is trading for $10.13 at time of writing. The 30th-ranked Solana (SOL)-based crypto is up more than 1% in the last 24 hours.
Next, the analyst says Bitcoin (BTC) appears bullish in the short term but is waiting for BTC to hit higher price targets to confirm upward momentum.
“BTC: [the coin’s range equilibrium] EQ is generally not where you want to open fresh longs in my opinion, wait for more clarity. Looks ok in the short term though.”
Bitcoin is trading for $67,036 at time of writing, up more than 2% in the last 24 hours.
The analyst is also watching the price action of Ethereum (ETH), warning that the top altcoin is currently facing resistance at a key level amid declining investor sentiment.
“ETH: chart-wise, I don’t see much reason to buy it. Support/resistance level resistance, 200-day exponential moving average resistance, etc. Plus, sentiment is horrid and ETH holders have been sitting bitterly while the rest of the market has done pretty well. I put myself in this group, which means it’s probably time to buy?”
Ethereum is trading for $3,104 at time of writing, up 5.19% in the last 24 hours.
Lastly, the analyst says he is long-term bullish on ETH competitor Solana.
“SOL: looks good for higher but need to see more follow-up after a break from this range at $120-$150. One month chop/consolidation was healthy for this chart and I still think that you should try to accumulate this one as much as you can.”
Solana is trading for $171 at time of writing, up 6.43% in the last 24 hours.
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