How Will AI Tokens React to Nvidia Earnings? | Credit: Rob Anderson
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Key Takeaways
Nvidia (NVDA) will release its second-quarter earnings reports on Aug. 28.
A basket of Artificial Intelligence (AI) tokens has performed well in August.
Who is leading the charge for AI tokens, and will this performance continue?
August has not been a positive month for the cryptocurrency market. It started with a sharp drop that culminated with a low on Aug. 5. While the market has recovered since, most cryptocurrencies trade below their opening price on Aug. 1.
AI tokens have mostly bucked the trend, showing a positive performance in August. Who are the best performers in this category, and how will the NVDA earnings report on Aug. 28 affect their prices?
AI Tokens Outperform
The basket of AI tokens has been by far the best performer compared to other baskets in August. It is the only one with a positive performance, increasing by nearly 7% (white).
This is much better than Bitcoin (BTC), which has fallen 9% and slipped below $60,000 on Aug. 27.
The closest category is Decentralized Finance (DeFi), which has posted a decline of nearly 6%.
The worst performers are memecoins and blockchain coins with a drop of almost 20%.
The FET price action is especially bullish since it shows a bounce at the previous long-term resistance area of $0.90.
After the bounce, FET created a large bullish weekly candlestick, completing a morning star pattern in the process.
Furthermore, the price of FET validated a long-term ascending support trend line (white) and broke out from a shorter-term resistance trend line (black).
Finally, the wave count gives a bullish outlook. The most likely count suggests that FET completed wave four in a five-wave increase.
Wave three extended and has 1.61 times the length of wave one. Its sub-wave count is in black.
If wave five also extends and has the same length as wave three, the price will reach a new all-time high at $13.27.
Even if wave five does not extend and has the same length as wave one, the FET price will still reach a new all-time high at $8.50.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
