AI Token Narrative Strengthens Again After NVIDIA Report

Bittime - The cryptocurrency market has been volatile in August, with Bitcoin dropping below $60,000. However, a group of Artificial Intelligence (AI) tokens have bucked this trend, showing strong performance. 

Check out the impact of NVIDIA's report on the rise of the AI ​​token narrative in this article!

NVIDIA report is a trigger

As Nvidia's second-quarter earnings report approaches, investors are closely watching how the AI ​​token will react. The strong performance of these tokens shows that the market is optimistic about the potential of AI and its applications.

AI Tokens Lead the Movement

The AI ​​token basket has outperformed other cryptocurrency categories in August, with a significant increase of almost 7%. This is in stark contrast to Bitcoin's 9% decline and other categories such as DeFi and memecoins, which have seen heavy losses.

While the positive performance of the AI ​​token can be attributed to Nvidia's upcoming earnings report, it is important to note that the correlation between Nvidia's stock price and the AI ​​token is not always straightforward. 

Although many investment firms are anticipating a strong earnings report from Nvidia, the overall cryptocurrency market could also impact the performance of AI tokens.

Best Performing AI Tokens

Among AI tokens, FET, TAO, and RNDR have emerged as the best performers. FET, in particular, has seen a remarkable increase of almost 12%, following its rebranding to Artificial Superintelligence Alliance.

Source: TradingView

FET price action has been very bullish, with a bounce from a long-term resistance area and the formation of a morning star pattern. Additionally, the FET has validated the rising long-term support trendline and breached the short-term resistance trendline.

Technical Analysis: Bullish Outlook for FETs

Wave analysis shows that FET is in a bullish uptrend. If the current wave five extends to the same length as wave three, FET could reach a new high of $13.27. 

Even if wave five does not expand and has the same length as wave one, FET price will still reach a new high of $8.50.

Conclusion

Token AI has shown resilience in volatile markets, outperforming other cryptocurrency categories. As Nvidia's earnings report approaches, the performance of these tokens will be closely monitored. 

FET, in particular, exhibits strong technical indicators that suggest bullish future potential.

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You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.