Odaily News Market data platform Barchart published an analysis on platform X, pointing out that AI token traders tend to focus on chip giant Nvidia. However, its stock price has just formed its first death cross since April 2022 (the 50-day moving average falling below the 200-day moving average), and the last death cross led to a big dump of 47% in its stock price over the following 6 months.
Although Nvidia’s stock price has shown bearish signals this week, AI Tokens have not been affected, with Render (RNDR) rising 4.06%, Bittensor (TAO) and Artificial Superintelligence Alliance (FET) both increasing by about 2.88%. Analysts believe that Nvidia’s stock price has occasionally shown no significant correlation with the price trends of AI Tokens. For instance, in the first quarter of last year, Nvidia’s revenue grew by 18%, but the strong performance did not lead to a similar trend in AI Token prices. Some cryptocurrency traders believe that only AI Tokens with real utility will thrive in the future. (Cointelegraph)
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