NVIDIA, the world’s leading AI computing firm and chipmaker, is set to release its second-quarter earnings on August 28. As in previous instances, the results could influence the prices of AI coins
This analysis highlights the top 3 AI-themed cryptocurrencies that investors should keep an eye on ahead of the report on Wednesday.
Artificial Superintelligence Alliance (FET)
NVIDIA’s last earnings report on May 22 revealed an impressive 262% year-to-date revenue increase, triggering a surge in AI coins like Fetch.ai (FET). Before the announcement, FET’s price was down to $1.90.
However, just one day after the report, the token soared to $2.50. Based on FET’s recent performance, a similar trend seems to be unfolding, with the price up by 54% in the last seven days.
According to the daily chart, FET bulls took advantage of support at $0.79 and broke out of the descending channel — a typically bearish pattern. Breaking above this channel is a strong bullish indicator.
Additionally, the Awesome Oscillator (AO) is showing positive momentum. The AO measures the strength of recent price movements compared to historical trends. A positive reading suggests growing bullish momentum, while a negative reading indicates declining market strength.
Read more: How Will Artificial Intelligence (AI) Transform Crypto?
If the upward momentum on FET’s daily chart persists, its price is likely to rise further. Based on the Fibonacci retracement levels, FET could surpass $1.70 and might even reach $1.93 ahead of the earnings report.
However, this prediction could be invalidated if the altcoin becomes overbought. In that case, FET’s price might retrace to $1.13, although this scenario seems unlikely given the current bullish sentiment surrounding AI coins.
NEAR Protocol (NEAR)
NEAR is another AI-focused coin that could benefit from NVIDIA’s upcoming earnings. Currently trading at $4.92, NEAR has seen nearly a 20% increase in the past seven days.
Technically, NEAR attempted to break past $5.03 on Monday but faced resistance and pulled back to $4.91. However, signals from the Balance of Power (BoP) indicator suggest this resistance could be overcome soon.
The BoP measures the strength of buyers relative to sellers. When the indicator rises, it indicates buyers are in control; a decline shows sellers have the upper hand. As of now, the BoP has jumped sharply, signaling that NEAR bulls have gained momentum over bears and are likely to push the price higher.
If NEAR’s bullish momentum is sustained, the price could climb to $5.70 and potentially retest $6. However, if buying strength weakens, the value might dip to $4.24.
Render (RNDR)
RNDR is the native token of the decentralized GPU computing network Render, making it closely tied to developments at NVIDIA. Despite this connection and its initial price increase on Monday, RNDR is the only AI coin among the three that has posted losses in the last 24 hours. Currently trading at $6.17, RNDR’s price has dropped by 5.96% in the last hour.
However, the token is still up by 32% over the last week, suggesting that some holders are taking profits. Despite the recent dip, RNDR trades above the descending triangle, indicating that the uptrend remains intact.
Based on the chart, RNDR has strong support at $4.45, making a further decline less likely. If the bullish momentum persists, RNDR’s price could move closer to $7.17 in the short term.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
In the meantime, a report from Quartz notes that NVIDIA could disclose double its earnings from the first quarter. Should this be the case, then AI coins could rally on the news.
While this remains speculation, investors in the crypto market should monitor updates regarding the development, as a lower-than-expected result might invalidate some of these predictions.
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