A widely followed crypto analyst says one crypto sector appears poised to overtake others in the coming days.
In a new thread on Telegram, pseudonymous crypto trader Crypto Capo tells his audience on Telegram that the artificial intelligence (AI) sector will continue to outperform the rest of the digital assets sector.
According to Capo, price actions of decentralized cloud computing platform Phala Network (PHA) suggest a breakthrough for AI cryptocurrencies, leading him to accumulate under-the-radar AI-based tokens, such as Phoenix ( PHB) and Streamr (DATA).
“Phenomenal performance from PHA, which could be a leading indicator of the rest of the AI narrative. I increased my exposure to small cap AI, adding PHB, DATA and a few others. Lots of interesting graphics. AI season is coming in my opinion.
PHA is trading at $0.354 at the time of writing, down 2.7% in the last 24 hours.
The strategist says he expects AI-based cryptocurrencies to emerge “in the days to come.”
Moving on to the Ethereum (ETH)/Bitcoin (BTC) pair, Capo says that if ETH/BTC can break above the 0.041 level, it would be a bullish sign for ETH and altcoins.
“Basically, this pair has been holding at the same key support level on a high time frame for weeks. It appears to be forming a local bottom, which could indicate a potential reversal. If it manages to rise above 0.041, it could be a very bullish sign for ETH and also for altcoins.
ETH/BTC is valued at 0.0357 ($3,438) at the time of writing.
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