- Analyst Altcoin Sherpa suggests potential buying opportunities in AI-focused cryptocurrencies Fetch.ai and Render due to Bitcoin volatility.
- Recent performance shows Fetch.ai and Render underperforming against both the global crypto market and their respective ecosystems.
- Investment strategy recommended involves averaging into Fetch.ai and Render starting at the 0.50 Fibonacci level down to 0.618.
According to Altcoin Sherpa, a crypto analyst on the platform X, potential buying opportunities may soon arise for AI-related cryptocurrencies like Fetch.ai (FET) and Render (RNDR) due to current market trends. The analyst suggests that if the current price action of Bitcoin—characterized by instability and minor losses—continues, it could create favorable conditions for investors interested in AI-specific tokens.
Fetch.ai (FET) has experienced a decline in its market value, with a price of $2.13, marking a -5.01% change in the last 24 hours and a -4.92% drop over the past week. Despite these declines, Fetch.ai’s market capitalization stands at approximately $2.22 billion, reflecting a substantial investment in its technology and potential applications. Fetch.ai’s recent performance shows it underperforming not only against the broader cryptocurrency market, which saw a lesser average decline of -2.20%, but also against other cryptocurrencies in the Ethereum Ecosystem, which actually recorded an average increase of 12.70%.
Render (RNDR), another AI-driven cryptocurrency, mirrors this trend with a current price of $7.94. It too has faced a -6.18% decrease in the last 24 hours and a -2.73% decline over the past seven days. Render’s market capitalization is currently valued at around $3.07 billion. Similar to Fetch.ai, Render has underperformed compared to the broader market and stands at par with its counterparts in the Polygon Ecosystem, which have remained steady.
Altcoin Sherpa recommends that investors consider averaging into positions in these cryptocurrencies, beginning at the 0.50 Fibonacci retracement level and extending to the 0.618 level. This strategy might capitalize on potential upswings as market conditions evolve.
As the market continues to navigate through periods of volatility, AI-focused cryptocurrencies like Fetch.ai and Render offer intriguing prospects for informed investors. Both tokens have shown resilience despite the broader market’s instability, and with strategic entry points, they could provide substantial returns. As always, investors are advised to conduct thorough research and consider their risk tolerance when engaging in cryptocurrency investments.
