Bitcoin's price continues to experience turbulence, recently dropping to $61,470 after failing to overcome resistance levels. Besides Bitcoin, NVIDIA's earnings report is expected 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. These altcoins are highly sensitive to NVIDIA's earnings. 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.
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.
Overall, the impending NVIDIA earnings report is likely to be a significant determinant of short-term movements in several altcoin markets.
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