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NVIDIA Conference Wrap-Up: How Did AI Crypto Tokens Perform?

Published March 22, 2024 10:17 AM
Valdrin Tahiri
Published March 22, 2024 10:17 AM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • The Nvidia GTC conference, which featured an appearance from Near Protocol CEO Ilia Polosukhin, ran from March 17 to 21,
  • A basket of AI cryptocurrencies has performed admirably since the beginning of March.
  • Did any AI cryptocurrencies enjoy a price surge preceding and during the conference?

The Nvidia GTC conference, a leading AI event, ended on March 21, revealing advancements in artificial intelligence. Despite this, AI token prices remained stagnant, OCEAN being the exception.

Nevertheless, The Graph (GRT) shows promising price action for the future, prompting the question: Can GRT return to $1 for the first time since 2021?

NVIDIA Conference Comes to an End

The Nvidia GTC conference  took place between March 17 and 21. The GTC conference is considered the top AI Conference for developers. NEAR Protocol’s CEO Ilia Polosukhin was one of the keynote speakers.

There were several new announcements  at the conference. The most important were:

  • OpenUSD Omniverse digital twins will be integrated into the Apple Vision Pro.
  • Earth-2, a digital twin of Earth, which will predict extreme weather using AI is under development.
  • Nvidia unveiled robots powered by Nvidia technology, including one resembling WALL-E from Disney Research.
  • AI-driven digital twins for warehouse operations and simulated 3D environments with AI agents were showcased.
  • Inference Microservices (NIMs) were introduced as a new approach to accelerate generative AI model deployment, reducing deployment time from weeks to minutes.
  • Nvidia announced leveraging AI for drug discovery with BioNeMo NIMs.

AI Basket Underperforms

Interestingly, the conference did not drive customers to AI tokens. In fact, a basket of seven of the biggest tokens currently trades at the same price it did at the morning of March 17, the day the conference started.

Since there was a considerable increase before the conference, it is possible that anticipation for the event led to increased interest, but the lack of announcements regarding cryptocurrencies failed to boost prices.

Basket of AI Tokens
Custom Daily Chart | Credit: TradingView

The movement since March 17 is in stark contrast to that earlier in the month, since nearly all of the cryptocurrencies in the basket have increased since the start of March.

FET and NEAR have been the biggest gainers with over 70% increases, followed by AGIX, RNDR, OCEAN and GRT. TAO is the only one with a negative performance, since it has fallen 4%.

Interestingly, OCEAN is the only one with a positive performance since the conference started (red line).

AI Tokens Price Performance
Custom Daily Chart | Credit: TradingView

Out of the seven cryptocurrencies, GRT seems to have the most interesting formation that could lead to significant gains ahead.

Can GRT Reach $1 Soon?

The GRT price has increased rapidly since breaking out from a long-term descending resistance trend line in November 2023. The upward movement led to a high of $0.49 in March 2024.

The price action shows to additional bullish signs, namely a breakout from the $0.30 horizontal resistance area and an ascending parallel channel (green icon). Both are a sign that GRT has finished its correction and started a bullish trend.

GRT Price Breakout
GRT/USDT Daily Chart | Credit: TradingView

While GRT has fallen slightly since, it could be retesting the channel’s resistance trend line before another increase. The next closest resistance area is 180% above the current price at $1.

Conversely, a weekly close below the channel’s resistance trend line and the $0.30 area will invalidate the breakout. Then, GRT can fall 52% to the closest support at $0.18.

AI Cryptocurrencies Perform Well in March

Even though the basket of AI tokens did not enjoy increases during the Nvidia conference, it has performed admirably since the beginning of March, with the exception of TAO. GRT’s price action shows an advantageous position that can lead to considerable increases in April.

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