Nvidia’s stock prices reached a new record high on Aug 22, resulting in a surge in crypto tokens associated with artificial intelligence projects. The profits were largely from Nvidia’s AI unit, with revenue of its data center unit spiking by 171% YoY to reach $10.32 billion in Q2 2024.The market cap of the AI and big data-related tokens rose by nearly 3.7% over the past 24 hours to reach nearly $4.5 billion, with the 24-hour trading volume for the tokens rising by 10.2% to reach $271.5 million.Of the top 15 AI-related crypto tokens, three tokens outperformed the others — SingularityNET (AGIX), Render Network (RNDR), and Fetch.AI (FET). AGIX coin price rallied nearly 8.5% on Aug 24 before bears pared gains. The SingularityNET token’s price rally stuttered after failing to move above its 20-day EMA (red wave) trendline, suggesting that bears are aggressively defending the dynamic resistance level. If the AGIX price rally stalls, the AI crypto token price might drop to the support near $0.177.Fetch.AI is a blockchain-based AI platform that helps users automate everyday tasks using its tools, such as booking tickets. The native token of the platform is FET, whose prices have formed a bullish technical pattern called the ‘Falling Wedge.’ If the wedge pans out, the FET price might rise nearly 184% to reach $0.606 before retreating. The Nvidia earnings hype-fueled rally helped the Fetch.AI coin’s price flip its 20-day EMA (red wave) trendline resistance on Aug 23. However, the token’s 50-day EMA (purple wave) rebuffed FET’s coin price rally, forcing it to pare some gains after spiking nearly 5.1% to form a daily high near $0.217 on Aug 24. Immediate support level might result in FET price testing the support level near $0.186 before recovering.Render Network is a blockchain project that allows users to contribute their computational power to 3D rendering projects or other graphic projects and earn crypto tokens in return. RNDR recorded impressive gains after Nvidia released its quarterly earnings report, spiking by more than 16% since Aug 22 to form a daily high near $1.55 on Aug 24. However, the token’s 20-day EMA (red wave) dynamic resistance forced the Render Network token to pare gains. Bulls must flip the 20-day EMA resistance before shooting at the 200-day EMA (green wave) and 50-day EMA (purple wave) resistance confluence near $1.7. Moreover, breaking and consolidating above the immediate resistance could help the Render network token price target the resistance near $1.92 before downside corrections pare gains. However, RNDR’s 50-day EMA seems poised to move below the token’s 200-day EMA and form a bearish technical pattern called the death cross. As such, the RNDR price risks dropping to the immediate support level near $1.34. Moreover, failure of immediate support could force the Render Network token to test the support near $1.15, which would erase all RNDR’s coin gains since late March this year.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
neutral |
| Relevance Score |
9 |
| People |
None |
| Companies |
Nvidia, SingularityNET, Render Network, Fetch.AI, Ethereum |
| Currencies |
FET, AGIX, RNDR, Bitcoin, Ethereum |
| Securities |
None |
