Bitcoin‘s price is experiencing turbulence, recently dropping to $61,470 after failing to overcome resistance. This decline is in line with the trend observed over the past months, where prices retreat quickly after attempting to breach resistance levels. Many investors, skeptical of a quick rise, have been capitalizing on these peaks by short-selling. The imminent release of NVIDIA’s earnings report is anticipated to cause significant price fluctuations among various altcoins.
Can FET Coin Benefit from NVIDIA?
The Artificial Superintelligence Alliance (FET) emerged from the integration of three major AI tokens, causing considerable market buzz. The sensitivity of these altcoins, including the united token, to NVIDIA’s earnings is evident. In the past, FET Coin dropped to $1.9 before rebounding to $2.5 post-announcement. While the daily chart suggests potential for further gains, another sharp drop in BTC might negate the positive impact of a favorable earnings report. Access NEWSLINKER to get the latest technology news.
Will NEAR Coin Sustain Its Growth?
NEAR Protocol, recently added to the AI trust by Grayscale, is among the altcoins that might benefit from NVIDIA’s report. The coin saw double-digit growth over the past week due to speculation around the earnings. Despite an attempt to climb above $5.03, NEAR Coin settled at $4.91. Continued upward momentum fueled by a positive report could drive it towards $5.7. Conversely, a bearish scenario might see it drop to $4.24.
Potential Market Movements
– FET Coin could reach $1.93 if it closes above $1.7, but might fall to $1.13 in a bearish trend.
– NEAR Coin could accelerate towards $5.7 with strong upward momentum, or decline to $4.24 if sentiment turns negative.
– RNDR Coin, with strong support at $4.45, could climb to $7.17 if current momentum persists. However, pre-report pricing suggests a potential sell-off post-announcement.
Since November 2022, RNDR Coin has capitalized on AI sector excitement. Currently priced at $6.17, it saw a 32% increase in the last 24 hours, leading to profit-taking. This aligns with previous discussions about NVIDIA news being priced in advance. With solid support at $4.45, RNDR Coin could reach $7.17 if the momentum continues. Analysts remain optimistic about NVIDIA’s report, but there is a possibility of a sell-the-news scenario.
Overall, the impending NVIDIA earnings report is likely to be a significant determinant of short-term movements in several altcoin markets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/bitcoin-price-tests-bottom-as-altcoins-respond-to-nvidia