AI tokens could see gains as market participants awaiting NVIDIA earnings

FXStreet
Updated May 20, 2024 06:20
Mitrade

■Cryptocurrencies in the Artificial Intelligence category could see gains as the market prepares for NVIDIA earnings next week. 

■Shares of NVDA have emerged as the poster child for AI crypto tokens, assets noted a rally post the previous earnings report. 

■AI tokens noted gains in their prices in the last week of February 2024, responding to NVIDIA earnings. 


Native cryptocurrencies of several blockchain projects using Artificial Intelligence (AI) could register gains in the coming week as the market prepares for NVIDIA earnings report. Render (RNDR) and Origintrail (TRAC) posted gains in the past 24 hours while other AI tokens in the top 20 assets ranked by market capitalization are hit by a correction. 


AI token narrative could gain relevance next week


Amidst other narratives, AI tokens could gather momentum with the upcoming earnings result of NVIDIA next week. The $2.3 trillion company’s stock emerged as a poster child for the crypto AI sector and gains in the stock catalyzed a rally in cryptocurrency tokens. 


Data from CoinGecko shows, Fetch.ai (FET), Render (RNDR), the Graph (GRT), Bittensor (TAO), Akash Network (AKT), SingularityNET (AGIX) have sustained their gains from the past seven days while most tokens suffered a correction in the past 24 hours. 


ai token prices

AI token prices 


AI tokens present a “buy the dip” opportunity to sidelined traders as they await a recovery in prices, fueled by the report next week. As NVIDIA released earnings in February, shares of Nasdaq-listed chipmaker Nvidia (NVDA) and tokens in the top 20 in the AI category posted gains. These assets gained up to 30% in value in the last week of February, based on data from Coingecko. 


Tokens in the artificial intelligence category can expect both an increase in activity and social media mentions and a surge in value next week, if history repeats. The earnings result is scheduled for May 22. 

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

Do you find this article useful?
Related Articles
placeholder
Crypto Analyst Predicts XRP Price Will Rally 102,590% To $500, But There’s A CatchA crypto analyst has revealed a timeframe for XRP, the native token of the XRP Ledger (XRPL) to witness a substantial 102,590% rally. If this price surge occurs, XRP’s current modest value could
Author  NewsBTC
A crypto analyst has revealed a timeframe for XRP, the native token of the XRP Ledger (XRPL) to witness a substantial 102,590% rally. If this price surge occurs, XRP’s current modest value could
placeholder
Analyst Calls Buy Signal As Solana Hits Key Support At $141According to data from CoinMarketCap, Solana (SOL) has been slightly positive in the last day, notching a market gain of 1.37%. This price increase, while little, is highly encouraging for investors considering Solana’s bearish form in the past week where it lost 8.11% of its market value.
Author  NewsBTC
According to data from CoinMarketCap, Solana (SOL) has been slightly positive in the last day, notching a market gain of 1.37%. This price increase, while little, is highly encouraging for investors considering Solana’s bearish form in the past week where it lost 8.11% of its market value.
placeholder
Solana Empty Glasses: BEER Coin Fizzles 70% In Alleged Rug PullThe Solana blockchain has revealed a sobering story, adding to the turbulence in the bubbly world of memecoins, such as BEER. The coin rose to prominence in recent weeks, experienced a dramatic price
Author  NewsBTC
The Solana blockchain has revealed a sobering story, adding to the turbulence in the bubbly world of memecoins, such as BEER. The coin rose to prominence in recent weeks, experienced a dramatic price
placeholder
XRP Price Temporary Bounce: Recovery Might Not LastXRP price extended losses and traded below the $0.50 zone. The price tested the $0.4700 zone and is currently attempting a short-term recovery wave. XRP is slowly moving higher from the $0.470
Author  NewsBTC
XRP price extended losses and traded below the $0.50 zone. The price tested the $0.4700 zone and is currently attempting a short-term recovery wave. XRP is slowly moving higher from the $0.470
placeholder
Solana’s Tough Climb: SOL Price Struggles to Find Solid GroundSolana extended losses below the $150 support zone. SOL price is consolidating and might recover if it clears the $152.50 resistance zone. SOL price declined further and even traded below $150
Author  NewsBTC
Solana extended losses below the $150 support zone. SOL price is consolidating and might recover if it clears the $152.50 resistance zone. SOL price declined further and even traded below $150