Historically, NVIDIA's results have led to mixed market reactions. Sometimes, they triggered a sell the news effect, causing a drop in prices for AI cryptos. Other times, the announcement triggered significant gains across the sector. As the results approach, here are the main AI cryptocurrencies to watch.
Render (RENDER): the crypto AI of the moment?
Render is the top AI crypto to watch as NVIDIA earnings approach. Indeed, since RENDER is also a DePIN + AI project that provides computing power. Aside from NVIDIA's second quarter results, Render had a habit of climbing.
Moreover, the token is in a good spiral at the moment, with an exchange price of $7.64, up 20% over the last 7 days.
To go further: here are the best DePIN tokens of 2024.
Between September 28 and November 5, the price of RENDER moved within a descending triangle, which is considered bearish. However, since the first week of November, the altcoin has gotten rid of this bearish chart pattern. It thus left the triangle on the rise, at the same time invalidating the bearish thesis.
But still, the MACD is currently positive, indicating that the Momentum around the token is bullish. If this remains unchanged and NVIDIA's third quarter results are better than previous ones, RENDER could rise to $8.83.
Depending on the intensity of the boost, the price could even reach $11.86. On the other hand, if the event becomes a sell the news again, the price could fall to $5.47.
Grass (GRASS): alternative on the DePIN side
The Decentralized Physical Infrastructure Network (DePIN) project, Grass, is also one of the major AI plays to watch. This is the first time this AI crypto has made the list, given its very recent launch.
Since its promising beginnings, GRASS has attracted a lot of interest in the cryptocurrency market. Given its novelty aspect, the reaction to NVIDIA's results could be very interesting. But unlike RNDR, GRASS's price has fallen by 10.31% over the past seven days.
However, if we look at the one-hour chart, we notice that the Parabolic Stop And Reverse (SAR) indicator has risen above the price.
This indicator identifies potential reversals by looking at the position of the points. When the indicator points are below the price, then the potential is bullish.
However, at present, the indicator's dotted lines are above price, suggesting that the value could fall below $2.36. Otherwise, if buying pressure increases, the altcoin price could rise towards $3.30.
To go further: discover a list of AI cryptos with high potential.
PAAL AI (PAAL)
Another AI crypto to consider this week is PAAL AI, a project built on the Ethereum blockchain. Like Render, PAAL has almost always followed the same trend as other AI coins. This, each time NVIDIA published its report.
For the moment, the PAAL price is up 12.35%, well inspired by growing demand. A few days ago, the value of the altcoin dropped sharply from $0.35 to $0.12 following an increase in selling pressure.
Although the price has rebounded to $0.15, it remains below the 20-day and 50-day Exponential Moving Averages (EMAs). As the PAAL is below these indicators, it could still have difficulty rising.
But if buying pressure increases and NVIDIA's stock price rises, the altcoin's value could continue to rise. Conversely, a decline in volume could invalidate this bias, and PAAL could fall further.
Moral of the story: activate your alarm and don't miss the boat.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult a professional before making any financial decisions.
