Approximately 13 months since its launch, the cryptocurrency markets, influenced by GPT, have experienced a wave of excitement about artificial intelligence. People from various fields have started to develop solutions with machine learning, and with GPT, they have seen artificial intelligence become a tangible thing. There is an increase in demand with new products and competitive ventures in this field.
Nvidia, a leading company producing direct GPU power, has increased its market value by 188% this year, exceeding a market cap of 1.2 trillion dollars. Compared to cryptocurrencies, it seems to have benefited more from the excitement of artificial intelligence. The question of whether the company’s stock price can surpass 500 dollars is on the agenda.
If Nvidia’s stock price can overcome the resistance area around 493 dollars, it might reach the level of 505 dollars. Nvidia’s shares found support between 403 and 410 dollars after experiencing a drop of about 21% in September and October, and now they are focusing on the 493 dollar target.
If Nvidia’s stock price can initiate a strong rally above 500 dollars, it will make headlines and could result in a resurgence in cryptocurrency markets, which are indirectly affected by US stock markets. A rally in Nvidia is doubly significant for cryptocurrency investors because it previously triggered an improvement in artificial intelligence altcoins.
Nvidia’s indicators on the 4-hour chart suggest an upward trend. The EMAs have created a golden cross, which is a clear bullish signal. Furthermore, the MACD supports the upward movement. The RSI is in the neutral zone, and a breakout here could be a starting signal for a rally. The continuation of the upward trend in the short term and the possibility of surpassing 505 dollars stand out.
