PATNA (CoinChapter.com)— Nvidia’s Q1 earnings report, set to be released on May 22 after the closing bell on Wall Street, is likely to impact the crypto AI token market and the traditional tech market.
According to Yahoo Finance, Wall Street anticipates Nvidia will report a 200% surge in revenue and a 400% increase in profits, driven by the AI boom. As Nvidia’s chips power AI development, the company’s financial performance could significantly impact AI-focused cryptocurrencies.
Investors are keen to see how the earnings will influence tokens tied to AI advancements and the broader adoption of AI technologies. Here are three AI cryptocurrencies that the Nvidia earnings report would likely impact.
Tokens Likely To React Most To Nvidia Earnings Report
1. The Graph (GRT)
The Graph is an indexing protocol for querying blockchain networks, notably Ethereum. Nvidia’s performance could impact The Graph’s GRT token price as the demand for efficient data retrieval and AI-optimized indexing rises with advancements in AI technology.
Increased investment in AI by tech giants could boost the adoption and utility of The Graph, driving its value up.
GRT price is up more than 19% week-to-day as the token rose to multi-week highs near $0.36 on May 22. A continued rally could face resistance near $0.39 and $0.46, while a reversal could see the crypto AI token price test support near $0.309, near its 20-day EMA (red wave) and $0.26, near the 0.236 FIB level.
2. Fetch.ai (FET)
Fetch.ai integrates AI with blockchain to enable autonomous agents for data sharing and resource management. Nvidia’s growth, fueled by AI chip sales, underscores the expanding AI ecosystem, which could benefit Fetch.ai by enhancing the development and deployment of AI-driven applications.
Furthermore, as Nvidia leads in AI infrastructure, Fetch.ai’s reliance on advanced AI capabilities makes it sensitive to Nvidia’s earnings report.
FET price has been crabbing since April 12, earlier this year. However, the crypto AI token has had a productive not unlike The Graph’s GRT token. Fetch.AI price rallied over 24% to reach a daily high near $2.7 on May 22.
A continued bull run would see FET price face resistance near $2.9 and $3.4, while a reversal from here would force the crypto AI token to test its 20-day EMA (red wave) support near $2.32.
Moreover, failure of the immediate support might result in FET price dropping to the 100-day EMA (blue wave) support near $2.04.
3. SingularityNET (AGIX)
SingularityNET allows AI developers to share and monetize their AI technologies. Nvidia’s advancements in AI hardware could accelerate the capabilities and reach of AI services on SingularityNET.
Moreover, the platform’s success hinges on robust AI hardware. This makes Nvidia’s earnings and continued innovation pivotal for SingularityNET’s growth and the broader AI market.
AGIX price rose the highest among the three tokens WTD, spiking 25.5% to reach a daily high near $1.13 on May 22 before paring gains. Furthermore, a continued rally could see the AI crypto token price rise to the resistance near $1.2.
Additionally, flipping the immediate resistance could help the token rise to the resistance near $1.38.
Conversely, if the rally fails, AGIX price could see the token’s price test the 20-day EMA (red wave) support near $0.97 and the 100-day EMA (blue wave) support near 0.85.
