Although the cryptocurrency market started the new week in the green, it lacks strong momentum. Therefore, analysts are forecasting a bearish trajectory for some tokens. One crypto analyst with a large following expects further downside for two AI-focused altcoin projects. The analyst also predicts that one token will see a major sell-off.
Altcoin Sherpa: RNDR will revisit the lows before the rise!
As you have been following on Kriptokoin.com, the market is relatively calm after a rollercoaster ride. However, the sense of uncertainty in the market is making traders and investors nervous. Altcoin Sherpa pseudonymous analyst says that Render (RNDR), a project related to Graphics Processing Units (GPUs), will revisit the 0.618 Fibonacci level before witnessing a bullish reversal. In this context, the analyst shares the following assessment:
RNDR: These times are great in bull markets. You get a chance to get into great projects at key levels. Buy from here up to $ 6 and be very confident about it.
Meanwhile, at the time of writing, RNDR was trading at $9.38, up 4% on a daily basis. The token advanced about 2% on the weekly chart.
TAO needs to fall to find support!
Following Render, the analyst looks at Bittensor (TAO), another AI-focused blockchain platform. According to the analyst, TAO needs to fall to the 0.50 Fibonacci level to find some support. Altcoin Sherpa explains his views on this issue as follows:
TAO: The Binance listing was a news-selling event (obviously). I expect the price to fall to around $400, the 0.50 Fibonacci level and the 200-day exponential moving average. Still, the price has already reacted at this level. So I really want to see that area hold. The intense volatility here suggests that if $400 doesn’t hold, it will be $320 next.
Meanwhile, as we reported as Kriptokoin.com, Binance added TAO to its list last week. This gave the token a serious boost. However, TAO later gave back most of its gains. TAO was changing hands at $483 at the time of writing.
“PROM is likely to face a big sell-off!”
Finally, Altcoin Sherpa brings the interoperability protocol Prom (PROM) to the table. The analyst says the token is likely to face a major sell-off if it fails to hold its range support around $9.45. Accordingly, the analyst makes the following comment:
PROM broke below the lower range. However, it tagged the 200-day exponential moving average. Generally speaking, this is an area of interest and I would like to see this trade bounce back within the range. Close below = I think this means it will pull back significantly. However, I am still holding.
Meanwhile, PROM was trading at $11.6 at the time of writing, up 5.6% on a daily basis.
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