Market
AI Coins to Keep on Your Radar Ahead of NVIDIA’s Q2 Report
NVIDIA, the world’s leading AI computing firm and chipmaker, is set to release its second-quarter earnings on August 28. As in previous instances, the results could influence the prices of AI coins
This analysis highlights the top 3 AI-themed cryptocurrencies that investors should keep an eye on ahead of the report on Wednesday.
Artificial Superintelligence Alliance (FET)
NVIDIA’s last earnings report on May 22 revealed an impressive 262% year-to-date revenue increase, triggering a surge in AI coins like Fetch.ai (FET). Before the announcement, FET’s price was down to $1.90.
However, just one day after the report, the token soared to $2.50. Based on FET’s recent performance, a similar trend seems to be unfolding, with the price up by 54% in the last seven days.
According to the daily chart, FET bulls took advantage of support at $0.79 and broke out of the descending channel — a typically bearish pattern. Breaking above this channel is a strong bullish indicator.
Additionally, the Awesome Oscillator (AO) is showing positive momentum. The AO measures the strength of recent price movements compared to historical trends. A positive reading suggests growing bullish momentum, while a negative reading indicates declining market strength.
Read more: How Will Artificial Intelligence (AI) Transform Crypto?
If the upward momentum on FET’s daily chart persists, its price is likely to rise further. Based on the Fibonacci retracement levels, FET could surpass $1.70 and might even reach $1.93 ahead of the earnings report.
However, this prediction could be invalidated if the altcoin becomes overbought. In that case, FET’s price might retrace to $1.13, although this scenario seems unlikely given the current bullish sentiment surrounding AI coins.
NEAR Protocol (NEAR)
NEAR is another AI-focused coin that could benefit from NVIDIA’s upcoming earnings. Currently trading at $4.92, NEAR has seen nearly a 20% increase in the past seven days.
Technically, NEAR attempted to break past $5.03 on Monday but faced resistance and pulled back to $4.91. However, signals from the Balance of Power (BoP) indicator suggest this resistance could be overcome soon.
The BoP measures the strength of buyers relative to sellers. When the indicator rises, it indicates buyers are in control; a decline shows sellers have the upper hand. As of now, the BoP has jumped sharply, signaling that NEAR bulls have gained momentum over bears and are likely to push the price higher.
If NEAR’s bullish momentum is sustained, the price could climb to $5.70 and potentially retest $6. However, if buying strength weakens, the value might dip to $4.24.
Render (RNDR)
RNDR is the native token of the decentralized GPU computing network Render, making it closely tied to developments at NVIDIA. Despite this connection and its initial price increase on Monday, RNDR is the only AI coin among the three that has posted losses in the last 24 hours. Currently trading at $6.17, RNDR’s price has dropped by 5.96% in the last hour.
However, the token is still up by 32% over the last 24 hours, suggesting that some holders are taking profits. Despite the recent dip, RNDR trades above the descending triangle, indicating that the uptrend remains intact.
Based on the chart, RNDR has strong support at $4.45, making a further decline less likely. If the bullish momentum persists, RNDR’s price could move closer to $7.17 in the short term.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
In the meantime, a report from Quartz notes that NVIDIA could disclose double its earnings from the first quarter. Should this be the case, then AI coins could rally on the news.
While this remains speculation, investors in the crypto market should monitor updates regarding the development, as a lower-than-expected result might invalidate some of these predictions.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Ethereum Price Hints at Downside Correction: Will Support Hold?
Ethereum price started a downside correction from the $3,450 zone. ETH is now consolidating and facing hurdles near the $3,250 resistance.
- Ethereum started a short-term downside correction from the $3,450 zone.
- The price is trading above $3,120 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $3,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains stable above the $3,120 zone.
Ethereum Price Hits Support
Ethereum price started a fresh increase above the $3,1200 resistance like Bitcoin. ETH was able to climb above the $3,220 and $3,320 resistance levels to move further into a positive zone.
It even surged above the $3,400 level and traded to a new monthly high. A high was formed at $3,445 before there was a minor pullback. The price dipped below the $3,320 and $3,250 support levels. A low was formed at $3,124 and the price is now consolidating.
Ethereum price is now trading above $3,120 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,230 level or the 50% Fib retracement level of the recent decline from the $3,340 swing high to the $3,124 low.
There is also a connecting bearish trend line forming with resistance at $3,240 on the hourly chart of ETH/USD. The first major resistance is near the $3,260 level. The main resistance is now forming near $3,320. A clear move above the $3,320 resistance might send the price toward the $3,450 resistance.
An upside break above the $3,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the $3,250 resistance, it could start a downside correction. Initial support on the downside is near the $3,150 level. The first major support sits near the $3,120 zone.
A clear move below the $3,120 support might push the price toward $3,050. Any more losses might send the price toward the $3,000 support level in the near term. The next key support sits at $2,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,120
Major Resistance Level – $3,250
Market
Why SHIB Price Drop May Continue?
Leading meme coin Shiba Inu (SHIB) has seen an 18% price drop in the past 24 hours. This mirrors the broader cryptocurrency market’s downturn, with global market capitalization falling by 5% over the same period.
An assessment of the meme coin’s on-chain and technical setup has revealed a weakening bullish momentum and a growing dominance of bearish sentiment. This indicates that SHIB may extend this downtrend. Here is how.
Shiba Inu Loses Its Bulls
Shiba Inu’s declining open interest (OI) confirms the decrease in market activity and a waning of bullish enthusiasm among the meme coin holders. As of this writing, this stands at $82.49 million, noting a 32% fall over the past 24 hours.
OI refers to the total number of active contracts in the futures or options market that have not yet been settled, expired, or closed out. When it falls, it is a bearish signal. It suggests that traders are closing out their positions, likely because they believe the asset’s value will continue to drop or because they want to limit losses.
This drop in OI amid falling prices, as in SHIB’s case, is a sign that bearish sentiment is strong among market participants.
Additionally, the meme coin’s Mean Dollar Invested Age (MDIA) has declined steadily since November 9, confirming the uptick in selling pressure in the market. As of this writing, SHIB’s MDIA is 877, having decreased by 1.5% over the past four days.
The MDIA tracks the average age of coins based on their dollar value. It measures how long, on average, a dollar invested in a cryptocurrency has remained idle in its current wallet address. A higher MDIA suggests that investors have kept their holdings over extended periods, while a lower MDIA means recent capital inflows or outflows.
When an asset’s MDIA falls, it suggests that older coins are being moved, indicating increased trading activity. When this happens during a period of price decline, it indicates profit-taking or loss-cutting.
It suggests a shift in market sentiment, with investors showing a greater willingness to sell their holdings. This selling activity contributes to a bearish trend as selling pressure outweighs buying pressure.
SHIB Price Prediction: Key Targets To Watch
As of this writing, Shiba Inu trades at $0.000023. Its double-digit fall over the past 24 hours has caused its price to decline toward its 20-day exponential moving average (EMA), which tracks its average price over the past 20 trading days.
The 20-day EMA acts as a dynamic support level in an upward trend. A decline towards this level means a drop in buying pressure.
However, it offers a support floor where price corrections or pullbacks often find buying interest. For Shiba Inu, its 20-day EMA forms support at $0.000020.
If the price breaks below the 20-day EMA, it indicates a shift in momentum, as the meme coin is no longer finding support at this level. This breakdown will attract further selling, as traders view it as a bearish sign, prompting them to exit or take short positions. Should the $0.000020 price level fail to hold as support, the SHIB price drop will continue to $0.000016.
However, if the 20-day EMA provides support, SHIB’s price may resume its uptrend and attempt to reclaim $0.000028.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
FLOKI Price Action Signals Strong Uptrend Despite Risks
FLOKI price has seen an impressive surge, climbing 21.79% in the last 24 hours and up 62.39% over the past week. This rally has pushed several key indicators into bullish territory, showing strong upward momentum.
However, caution is warranted as some signals suggest that the current trend may face resistance or a potential pullback. The coming days will be crucial for determining whether FLOKI can sustain its rally or if a correction is on the horizon.
RSI Shows FLOKI Is Now Overbought
FLOKI price recent surge has driven its RSI to 71.42, up from 60 just a day ago, indicating strong buying momentum. An RSI above 70 usually suggests that an asset is overbought, hinting at a potential correction.
However, this doesn’t always mean an immediate pullback is certain.
RSI is a momentum indicator that measures whether an asset is overbought or oversold. Values above 70 are considered overbought, and values below 30 are considered oversold.
Although FLOKI’s RSI is currently in overbought territory, it has historically climbed above 80 before correcting, implying that the rally may still have room to run.
Ichimoku Cloud Shows a Bullish Setting For FLOKI
This Ichimoku Cloud chart for FLOKI shows a clear bullish momentum. The price is well above the cloud, indicating a strong uptrend.
The leading span A (green line) is above leading span B (red line), which supports the bullish outlook, while the cloud itself is in a positive configuration.
Additionally, the price is significantly above the Tenkan-sen (blue line) and Kijun-sen (orange line), which further confirms the bullish momentum.
However, a small retracement is visible, suggesting that FLOKI may encounter some consolidation or pullback before deciding on its next move. As long as the price remains above the cloud, the uptrend is likely to stay intact.
FLOKI Price Prediction: A New 57% Price Surge?
FLOKI’s EMA lines are currently showing a very bullish setup, with the price trading above all of them. That rise consolidated FLOKI as the 6th biggest meme coin in the market.
This indicates strong upward momentum. If the rally continues, FLOKI price could potentially reach $0.00031, with further resistance at $0.000349, representing a possible 57% price increase from current levels.
However, if the uptrend loses steam and reverses, FLOKI could face a significant retracement.
Key support levels are found at $0.00016 and as low as $0.00012, which could imply a potential 45% correction.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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