The launch of GPT, which also affected the cryptocurrency markets, was made about 13 months ago and suddenly AI enthusiasm engulfed everything. People in every field began producing their solutions through machine learning, and with GPT, they saw that artificial intelligence was something tangible. Now, with new products and competing ventures, demand in this field is growing.
Nvidia Stock Commentary
Artificial intelligence applications require chips and GPUs. Even RNDR Coin increased its price more than tenfold this year due to limited GPU availability. However, there is Nvidia, which directly produces GPU power. Nvidia, one of the best companies in its field, gained 188% in market value this year, surpassing a market value of 1.2 trillion dollars. Looking at the growth in market value, Nvidia seems to have benefited more from the artificial intelligence hype than when compared to cryptocurrency.
So, can the stock price exceed 500 dollars? If Nvidia’s stock price can overcome the resistance area at around 493 dollars, it could reach 505 dollars. In September and October, Nvidia’s shares experienced a decline of about 21%. It then found support in the range of 403 to 410 dollars and is now targeting 493 dollars.
If Nvidia’s share price can start a strong rally above 500 dollars, this will make headlines and we will likely see a recovery in crypto as well, indirectly influenced by the US stock markets. More importantly, a Nvidia rally is twice as significant for cryptocurrency investors because it has previously triggered a recovery in artificial intelligence altcoins.
Nvidia Stock Price Target
Indicators on the 4-hour chart for Nvidia suggest that the trend is upward. EMAs have formed a golden cross, which is a clear bullish signal. Furthermore, the MACD supports an upward movement. RSI is in the neutral zone, and a breakout here could be the starting signal for the rally.
Overall, the continuation of the uptrend in the short term and the possibility of surpassing 505 dollars are coming to the forefront. If there are also closings above this area, the second major target will be 540 dollars. On this journey, as we have mentioned above, there can be a significant recovery in artificial intelligence altcoins.
