3 Artificial Intelligence (AI) Coins to Watch Ahead of NVIDIA Q3 Earnings
On Wednesday, November 20, NVIDIA, the global leader in Graphics Processing Unit (GPU) technology, will release its Q3 earnings for the 2024 fiscal year. As a major beneficiary of the Artificial Intelligence (AI) boom, this announcement is expected to influence AI-themed cryptocurrencies, as it has in the past.
Historically, NVIDIA’s earnings have led to mixed market reactions. On some occasions, they triggered a “sell the news” effect, causing AI coins’ prices to drop. At other times, the news sparked rallies across the sector. With the earnings report approaching, here are the top AI-based cryptocurrencies to watch this week.
Render (RENDER)Render tops the list of AI coins to watch ahead of NVIDIA earnings, particularly because the project is also a leading GPU compute platform for generative AI. Ahead of the last NVIDIA Q2 earnings, RENDER was one of the AI coins that experienced a rally.
However, as soon as the report became public, the cryptocurrency’s price dropped. This time, RENDER’s price, currently sitting at $7.59, has increased by 27% in the last seven days.
Between September 28 and November 5, RENDER’s price moved within a descending triangle, which is bearish. But since the first week of this month, the altcoin has broken out of the channel, invalidating the bearish thesis.
Render Daily Analysis. Source: TradingView
Furthermore, the Moving Average Convergence Divergence (MACD) is positive, indicating that the momentum around the token is bullish. Should this remain the same, and NVIDIA Q3 earnings come out better than the last, RENDER could rise to $8.83.
In a highly bullish case, it could rise to $11.86. On the other hand, if the development becomes a “sell the news” event again, the price might sink to $5.47.
Grass (GRASS)Decentralized Physical Infrastructure Network (DePIN) project Grass is also one of the top AI coins to watch ahead of NVIDIA earnings. This is the first time the altcoin will be on the list, considering that it launched in October.
One reason GRASS is an AI coin to watch is its notable market interest. But unlike RNDR, GRASS’s price has been down 10.31% in the last seven days. On the one-hour chart, the Parabolic Stop And Reverse (SAR) indicator has risen above the price.
This Parabolic SAR identifies potential reversals by looking at the position of the dots. When the dots of the indicator are below the price, then it has the potential to rise.
Grass 1-Hour Analysis. Source: TradingView
However, as of this writing, the indicator’s dotted lines are above GRASS, suggesting that the value could tank below $2.36. Notably, if buying pressure increases ahead of Wednesday’s report, the altcoin’s price might rally toward $3.30.
PAAL AI (PAAL)Another AI coin to watch 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 whenever NVIDIA releases its report.
This time, PAAL’s price has increased by 12.35% in the last 24 hours amid rising demand. Some days back, the altcoin’s value sharply dropped from $0.35 to $0.12 following increased selling pressure.
While the price bounced back to $0.15, it remains below the 20-day and 50-day Exponential Moving Averages (EMAs). Since PAAL’s price is below these indicators, it could still struggle to rise.
PAAL AI Daily Analysis. Source: TradingView
But if buying pressure increases and NVIDIA stock price rises, the altcoin’s value might continue to jump. On the flip side, a drop in volume could invalidate this bias, and PAAL could slump much lower.
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