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.
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