A popular crypto trader is pinpointing potential entry points for a trio of red-hot artificial intelligence (AI) altcoins.
The pseudonymous analyst known as Altcoin Sherpa encourages his 207,700 followers on the social media platform X to pay attention to Fetch.ai (FET), Worldcoin (WLD) and Bittensor (TAO).
“Given how hard some of these are going, I would view the .236 fib and the .382 fib areas as good starter points. WOULD NOT GO ALL IN on any one entry. DO NOT FOMO. A pullback probably coming soon.
These are more for trades, not investments. For investments, you want to just go ahead and scale in and then go into a coma and don’t trade it/let it sit for a while.
I wouldn’t be surprised to see some sort of mild pullback or consolidation soon. If you see some ranging for a few days at these high levels, that’s pretty decent. You want the volume to heavily die down.”
Traders use Fibonacci extensions in technical analysis to estimate profit targets and price pullbacks. They are based on Fibonacci ratios.
Fetch.ai, a decentralized artificial intelligence platform for applications, is trading at $1.06 at time of writing. The potential entry points on Altcoin Sherpa’s chart for the asset are $0.7669 and $0.6856.
Worldcoin, the controversial eye-scanning biometric crypto project that’s focused on digital identity, is trading at $6.72 at time of writing. Altcoin Psycho’s chart for the asset indicates potential entry points at $6.618 and $5.764.
Bittensor, a decentralized blockchain platform that focuses on machine learning and AI, is trading at $628.33 at time of writing. Altcoin Psycho indicates that potential entry points are at $586.68 and $517.75.
The analyst also notes traders should look out for volatility, high volume, and wicks in both directions.
“That usually means some sort of local or bigger top is here.
Play it by ear but yeah, I do think that AI plays are still the ones to focus on. The leaders like TAO and WLD are the 1s to watch; when they start to pull back, everything else will too.
That being said, you should start to think about your AI bags for this cycle. It’s not too late. Don’t just sit sidelined because it’s ‘already pumped’.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Source: https://dailyhodl.com/2024/02/21/crypto-trader-says-ai-altcoins-are-the-ones-to-focus-on-pinpoints-entry-prices-for-three-projects/