NAIROBI (CoinChapter.com)—NVIDIA, the global leader in GPU technology, is set to release its Q3 fiscal year 2024 earnings on Nov. 20. As a key player in the AI sector, the company’s announcements have often influenced AI-focused cryptocurrencies. This week, tokens like Render (RENDER), Grass (GRASS), and PAAL AI are drawing attention as market anticipation grows.
Will Render’s Breakout Gain More Momentum?
Render (RNDR) was migrated and rebranded to Render (RENDER) with the upgrade from Ethereum (RNDR) to Solana (RENDER). Render (RENDER) continues to stand out as a leading AI coin ahead of Nvidia’s earnings, largely due to its role in GPU compute technology—a market Nvidia dominates. Trading at $7.67, RENDER has climbed 3.75% over the past seven days, reflecting growing confidence among investors.
Earlier this month, RENDER broke out of a descending triangle, a bearish pattern, invalidating fears of a further price decline. This breakout suggests that the formation of a bullish pattern could occur soon. There has been an optimistic sentiment among market analysts, such as Lucky Luciano, that this could create a “super cycle” whereby Render’s network could be valued in the “hundreds of billions” within the next few years.
If Nvidia’s earnings exceed expectations, RENDER could climb to $8.83, with a potential spike to $11.86 in a bullish case. However, the “sell the news” effect could reverse these gains, with prices potentially dropping to $5.47 if enthusiasm wanes.
Grass (GRASS): Can This AI Token Break Out of Its Wedge?
Grass (GRASS), a DePIN project started in October, has struggled to improve at an upward trajectory and declined by 24.31 percent in the last week. It is currently at 2.36 and in the descending wedge area which normally indicates a breakout. This support level is set at $2.30 with a first and second resistance at $3.29 and $3.91, respectively.
The RSI stands at 38.37, indicating oversold conditions, though weak trading volume suggests buying pressure is limited. If Grass breaks above the wedge, it could aim for $3.29 and $3.91 as recovery targets. Failure to hold the $2.30 support could lead to a decline toward $2.00.
Nvidia’s earnings report could shift sentiment for GRASS. Strong results might trigger a rally, while weaker-than-expected earnings may lead to further price declines.
PAAL AI: Will It Bounce Back or Slide Lower?
PAAL AI has bounced back slightly after a chaotic week, trading at $0.1878 with a 25.20% gain in the last 24 hours. This recovery follows a sharp earlier drop of 70%. This drop was driven by investor worries over a proposed merger with the ASI Alliance and plans for integration into the FET ecosystem.
On Nov. 12, the merger announcement caused a 55% price drop within minutes. Concerns grew over the token conversion ratio of 6.24 PAAL to 1 FET and a 180-day vesting period, leading to a mass sell-off.
Alex Becker called on PAAL and ASI Alliance to be more transparent about the proposed merger. Humayun Sheikh, Director of ASI Alliance, stated the merger is intended to enhance AI within the ASI ecosystem.
If Nvidia’s stock performs well, PAAL could rise in tandem. On the other hand, continued weak volume might spell trouble for this token, potentially pushing it much lower if demand doesn’t improve.
NVIDIA’s Q3 earnings could influence AI Token prices like Render, Grass, and PAAL AI greatly, potentially sparking rallies or triggering further declines depending on the earnings news.
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