A widely followed crypto analyst says that one crypto sector appears as if it’s going to outpace the 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 outperforming the rest of the digital assets industry.
-->According to Capo, the price actions of decentralized cloud computing platform Phala Network (PHA) hint at a breakout for AI cryptocurrencies, leading him to accumulate under-the-radar AI-based tokens, such as Phoenix (PHB) and Streamr (DATA).
“Phenomenal performance of PHA, which could be a leading indicator of what’s next in the AI narrative. I’ve increased my low-cap AI exposure, adding PHB, DATA, and a few others. Lots of interesting charts. AI season incoming in my opinion.”
PHA is trading for $0.354 at time of writing, a 2.7 decrease during the last 24 hours.
The strategist says to expect a breakout of AI-based cryptos “in the days ahead.”
Moving on to the Ethereum (ETH)/Bitcoin (BTC) pair, Capo says that if ETH/BTC can surge 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 high time frame support level for weeks. It appears to be forming a local bottom, which could indicate a potential reversal. If it manages to break above 0.041, that could be a very bullish sign for ETH and also altcoins.”
ETH/BTC is valued at 0.0357 ($3,438) at time of writing.
