Altcoin Sherpa, a well-known crypto trader, remains optimistic about an altcoin related to artificial intelligence (AI), despite some potential warning signs on its chart. In a post on the social media platform X, Altcoin Sherpa informs his large following of 215,900 users that Render (RNDR) is his top pick for the current market cycle. He plans to hold most of it in a cold wallet for the long term.

Render is a platform that aims to provide almost real-time rendering by utilizing a decentralized network of Graphics Processing Units (GPUs). The project’s website explains that Render not only offers a decentralized GPU computing network but also provides a platform for artists and developers to create services and applications for the emerging digital economy. This includes areas such as artificial intelligence, virtual assets (non-fungible tokens), and next-generation digital rights management (DRM).

At the time of writing, RNDR, the native token of Render, is trading at $10.21.

Additionally, Altcoin Sherpa expresses interest in Bittensor (TAO), a decentralized blockchain platform focused on machine learning and AI. However, he acknowledges that the asset’s chart currently appears “scary.” He contemplates whether to include it as one of his high-conviction AI bets for 2024, considering factors such as the 200-day exponential moving average (EMA) and the 0.50 Fibonacci level. Altcoin Sherpa plans to start with a half-size position and potentially increase it at the .618 Fibonacci level around $300.

As of now, TAO is trading at $451.47, experiencing a nearly 4% decline in the past 24 hours. It is ranked 44th in terms of market capitalization.

On the other hand, Altcoin Sherpa expresses a less bullish sentiment towards Wormhole (W), a cross-chain messaging protocol. He believes that W’s recent surge above its resistance at $0.72 is merely a fakeout rally and anticipates a decline to $0.587. Altcoin Sherpa plans to cut his position in W and take profit, with the intention of potentially buying back at a higher price if a true breakout occurs.

At present, W is valued at $0.658.

In conclusion, Altcoin Sherpa remains optimistic about RNDR as his top AI pick for the current market cycle. He is cautiously considering TAO as another AI-related investment, and he plans to exit his position in W due to its recent price action.