The launch of GPT, which also affected the cryptocurrency markets, was approximately 13 months ago, and suddenly AI enthusiasm swept everywhere. People attempting to produce their own solutions in every field through machine learning saw that artificial intelligence was a tangible thing with GPT. Now, with new products and competing ventures, demand in this field is growing.
Nvidia Stock Commentary
Artificial intelligence applications require chips, GPUs. Even RNDR Coin increased its price more than tenfold this year simply due to the limited availability of GPUs. But there’s Nvidia, which directly produces GPU power. Nvidia, one of the best companies in its field, has increased its market value by 188% this year and surpassed a market value of 1.2 trillion dollars. Looking at the growth in market value, Nvidia seems to have benefited more from the AI excitement compared to cryptocurrencies.
So, can the stock price exceed 500 dollars? If Nvidia’s stock price can leave behind the resistance area around 493 dollars, it could reach 505 dollars. In September and October, Nvidia’s shares experienced a decline of approximately 21%. It then found support in the range of 403 to 410 dollars and is now targeting 493 dollars.
If Nvidia’s share price initiates a strong rally above 500 dollars, it will make headlines and we will likely see a recovery in cryptocurrencies due to the indirect effect of the US stock markets. Much more importantly, a Nvidia rally is doubly significant for cryptocurrency investors since it previously triggered a recovery in AI altcoins.
Nvidia Stock Price Target
Indicators on the 4-hour chart for Nvidia suggest an upward trend. The EMAs have formed a golden cross, which is a clear bullish signal. Additionally, the MACD supports the upward movement. The RSI is in the neutral zone, and a breakout here could be the starting signal for the rally.
Overall, the continuation of the short-term upward trend and surpassing 505 dollars seems likely. If closing prices also come above this region, the second major target will be 540 dollars. On this journey, as mentioned above, significant recovery in AI altcoins could occur.