AI-focused crypto in focus as NVIDIA's earnings approach
As NVIDIA prepares to release its second-quarter earnings on August 28, attention is turning to three AI-focused cryptocurrencies: Fetch.ai (CRYPTO:FET), NEAR Protocol (CRYPTO:NEAR), and Render (CRYPTO:RENDER).
These coins have shown notable price activity recently, and their performance may be influenced by NVIDIA's results.
Fetch.ai (FET) has seen a 54% price increase in the past week, bouncing back from a low of $0.79 and breaking out of a descending channel, which is typically considered a bearish signal.
The current bullish trend is supported by a positive reading from the Awesome Oscillator (AO), indicating increasing market strength.
If the upward momentum continues, FET's price could rise to $1.93.
However, if the coin becomes overbought, a retracement to around $1.13 is possible.
NEAR Protocol has also seen significant growth, gaining nearly 20% in the last week and trading at $4.92.
Despite an attempt to break past the $5.03 resistance level, NEAR faced a pullback.
Yet, the Balance of Power (BoP) indicator suggests that buyers might soon regain control, potentially driving the price to $5.70 or even $6.
However, a dip to $4.24 could occur if buying pressure weakens.
Render (RNDR), a token closely connected to NVIDIA due to its role in decentralised GPU computing, experienced a 5.96% drop despite a 32% gain over the last 24 hours.
With strong support at $4.45, a further decline appears unlikely, and if bullish momentum continues, RNDR could reach $7.17.
The outcome of NVIDIA's earnings report could significantly affect these AI coins.
A strong earnings report might fuel further gains, while lower-than-expected results could challenge the current bullish outlook.
Investors should keep a close watch on updates as the report's release approaches.
At the time of writing, the FET price was $1.30, the NEAR ProtoCOL price was $4.52, and the Render price was $5.87.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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