Analysis of AI Altcoins
A prominent cryptocurrency trader believes that altcoins in the artificial intelligence (AI) sector are positioned for a strong performance in the latter part of this year, despite experiencing a recent dip in their value.
The analyst, who goes by the pseudonym Altcoin Sherpa, shared insights with his substantial following of 216,800 individuals on the social media platform X. Altcoin Sherpa highlighted specific altcoins that he is monitoring closely, including Render (RNDR), an innovative decentralized graphics processing unit (GPU) rendering blockchain; Fetch.ai (FET), a platform specializing in AI and machine learning; Arweave (AR), a decentralized data storage protocol; and RSS3, a decentralized information processing protocol.
Altcoin Sherpa advised a strategy of patience and gradual accumulation of preferred altcoins. He noted that recent market corrections on these assets could present favorable buying opportunities in the near future. Expressing optimism towards the sector, Altcoin Sherpa shared, "The play right now is to just be patient, scale into the ones you like and just wait. We’ve seen a decent pullback on many of these and I think that there should be some decent buying opportunities available in the coming weeks. Still bullish on this sector myself."
Furthermore, Altcoin Sherpa expressed a positive sentiment towards Echelon Prime (PRIME), a web3 ecosystem dedicated to advancing the next era of gaming. He mentioned, "PRIME is a coin that everyone loves and a good gaming play for this current cycle. We’ve seen a strong pullback and I’d personally view the $15-$11 area as a good strong place to accumulate if you like this project. I probably won’t buy but will observe. Lots of good technical analysis confluence there though with the 0.50 and 0.618 key Fibonacci levels + 200-day exponential moving average (EMA)."
In light of these insights, Altcoin Sherpa's analysis suggests a positive outlook for the AI altcoin market in the upcoming months.
PRIME is currently valued at $16.70 at the time of composing this analysis.
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