AI tokens dip before NVIDIA 2024 GTC AI conference: RNDR, FET, AGIX, AKT

Source Fxstreet
  • Prices of Artificial Intelligence tokens Render, Fetch.AI, SingularityNET and Akash Network declined on Tuesday. 
  • NVIDIA 2024 GTC AI conference is scheduled for March 18 to 21, fueling anticipation among AI token holders. 
  • AI tokens have yielded double-digit weekly and monthly gains, catalyzed by the euphoria surrounding AI. 

The Artificial Intelligence (AI) narrative is likely to make a comeback with NVIDIA’s AI conference, which will be held in mid-March. The event will feature over 900 sessions and 300 exhibits, and has the potential to fuel the current AI-led narrative among crypto market participants.

Also read: Are there more AI growth opportunities to be priced into the markets? [Video]

AI tokens could offer traders “buy the dip” opportunity

AI tokens Render (RNDR), Fetch.AI (FET), SingularityNET (AGIX) and Akash Network (AKT) have noted a decline in their prices on Tuesday. The recent correction, which goes from 2.3% to 7.6% depending on the token, could offer sidelined traders a “buy the dip” opportunity ahead of a key event in the ecosystem, the upcoming NVIDIA 2024 GTC conference in Silicon Valley. This is an important event since it is the largest AI conference hosted by NVIDIA, which is benefiting the most from the recent AI frenzy. 

The conference will feature several technical workshops on generative AI and other segments within Artificial intelligence. The announcements or updates by projects involved at the NVIDIA conference could fuel a bullish sentiment among AI token holders. This could catalyze gains in AI assets. The event is scheduled to take place between March 18 and 21.

Prices of RNDR, FET, AGIX and AKT have dipped by 3.5%, 3%, 7.6% and 2.3% in the past 24 hours, respectively, according to data from CoinGecko. This correction could be followed by a rally in the coming weeks, provided that outcomes from the conference contribute to fuel the AI narrative. 

AI token

AI token price change in the past 24 hours. Source: CoinGecko 

Crypto analyst and trader behind the X handle, @MatthewHyland_ commented on RNDR price chart and noted that the AI token is in the same position it was before the recent double-digit monthly gains. 

Assets like AGIX and FET have yielded nearly 25% and over 60% gains in a week, respectively. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Price Forecast: Persistent ETF inflows, easing Middle East tensions lift risk appetiteBitcoin (BTC) extends its gains, trading above $64,800 at the time of writing on Thursday, breaking above the key resistance zone. Institutional demand supports BTC price action with spot Exchange Traded Funds (ETFs) recording a third consecutive day of inflows so far this week.
Author  FXStreet
11 hours ago
Bitcoin (BTC) extends its gains, trading above $64,800 at the time of writing on Thursday, breaking above the key resistance zone. Institutional demand supports BTC price action with spot Exchange Traded Funds (ETFs) recording a third consecutive day of inflows so far this week.
placeholder
Australian Dollar remains calm following Trade Balance dataAUD/USD steadies after two days of gains, trading around 0.7060 during the Asian hours on Thursday. The pair moves little as the Australian Dollar (AUD) remains silent following the release of domestic Trade Balance data.
Author  FXStreet
19 hours ago
AUD/USD steadies after two days of gains, trading around 0.7060 during the Asian hours on Thursday. The pair moves little as the Australian Dollar (AUD) remains silent following the release of domestic Trade Balance data.
placeholder
Gold rallies to two-week high as USD softens on Iran deal hopes, receding Fed hike betsGold (XAU/USD) attracts buyers for the second consecutive day and surges past the $4,100 mark to hit a nearly two-week high during the Asian session on Wednesday.
Author  FXStreet
Yesterday 10: 12
Gold (XAU/USD) attracts buyers for the second consecutive day and surges past the $4,100 mark to hit a nearly two-week high during the Asian session on Wednesday.
placeholder
Today’s Market Recap: Dow and S&P 500 Hit Fresh Record Highs, Tech Stocks Lead Gains, Palantir Surges 29%, ARM Rises Over 17%Tracking the Market TrendTradingKey - Global risk appetite rebounded significantly, with major asset classes strengthening in tandem. Driving factors included the decline in risk premiums following th
Author  TradingKey
Yesterday 01: 15
Tracking the Market TrendTradingKey - Global risk appetite rebounded significantly, with major asset classes strengthening in tandem. Driving factors included the decline in risk premiums following th
placeholder
Forex Today: Mideast uncertainty keeps USD supported ahead of next batch of US dataHere is what you need to know on Tuesday, August 4:
Author  FXStreet
Aug 04, Tue
Here is what you need to know on Tuesday, August 4:
goTop
quote