AI Token Narrative Strengthens Again After NVIDIA Report
2024-08-30
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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