Trader Says Render To Be One of Strongest Altcoins in Coming Weeks, Updates Outlook on Three Additional Altcoins

May 30, 2024

A widely followed crypto analyst believes one artificial intelligence (AI) focused altcoin project is about to outperform the broader market.

Pseudonymous crypto trader Altcoin Sherpa tells his 216,400 followers on the social media platform X that decentralized GPU rendering blockchain Render (RNDR) has a strong-looking market structure.

“RNDR: still a fine place to just buy and hold RNDR in my opinion. I think this is a strong one in the coming weeks. No volatility on it though so it’s a bad active trading vehicle.”

Looking at his chart, the trader suggests Render is holding the middle of the trading range as support and is about to break out to the upside.

Render is trading for $10.28 at time of writing, up nearly 3% in the last 24 hours.

Next up, the trader warns that Lido DAO (LDO), an Ethereum (ETH) staking project, may soon retest lower Fibonacci retracement levels.

“LDO: bidding $2.10-$2.30.”

LDO is trading for $2.33 at time of writing, down 2.1% in the last 24 hours.

Next up, the trader is bullish in the near term on the native asset of the modular blockchain network Celestia (TIA). However, he warns TIA may decline in the coming months due to an upcoming token unlock, which is often perceived as bearish given the new sellable supply.

“TIA: in my opinion, this chart looks pretty good. Thinking about hopping on the train but will probably be patient. Expecting some bullish news so that people buy this before investors unlock in a few months. How do you generate exit liquidity? Pushing chart up before. Don’t hold this for long.”

TIA is trading for $11.11 at time of writing, up nearly 2% in the last 24 hours.

Lastly, the trader says he is overall bearish on interoperability blockchain Polkadot (DOT).

“Close friend asked me about DOT today. Talk about a failed chain and something that got rekt. Will it pump? Yes, it will go up in USDT (probably). Will it outperform the rest of the market? Highly unlikely. Not saying you should sell here or anything, but if I were exposed I’d sell the next pump.”