Render Token (RNDR) and Fetch.ai (FET) prices continued their bullish breakout after the strong Nvidia earnings. FET surged to a high of $1.1637, which was about 130% above the lowest level this month. Similarly, Render Token soared to $7.09, higher than this month’s low of $4.2. The two tokens have surged by triple digits in the past 12 months, making them multi-billion dollar entities.
Nvidia earnings
The main catalyst for RNDR and FET prices was the strong Nvidia earnings. In a statement, the company said that its total revenue surged by more than 265% in the fourth quarter to over $22.1 billion. Its gaming revenue rose by 56% while data center numbers rose by 409%
In addition, professional visualizaton surged by 105% while its automotive revenue dropped by 4%. The company expects this overall growth to accelerate in the coming months. It sees its revenue in the current quarter soaring to about $24 billion with gross margins expected to be 76.3%.
These numbers mean that the company is doing much better than expected as demand for artificial intelligence (AI) semiconductors has risen. In a statement, the management said that they expect this demand to continue as the industry is still in its infancy.
This view likely reinforces what Sam Altman, the creator of ChatGPT recently said. Media reports suggested that he was planning a major $7 trillion fund to build semiconductors and other items to help facilitate AI growth and adoption.
Semiconductor stocks surged after Nvidia’s earnings. Nvidia jumped by more than 10% in extended hours, meaning that the company could hit a market cap of $2 trillion later this week. They have more than doubled in the past few months.
The other notable semiconductor stock that has done well is Super Micro Computer. SMCI stock jumped by over 10% as investors predicted that there will be more demand for its solutions.
Render token price forecast
Render Token (RNDR) price has been in a strong bullish trend in the past few months. This is notable because the Solana DePIN network provides a platform where people can share their idle GPU and make money. It creates a mutually beneficial platform where these people and the customers benefit.
Turning to the daily chart, we see that the RNDR token has surged hard in the past few months. It has now crossed the crucial resistance level at $5.27, thus invalidating the double-top pattern that was forming. The Average Directional Index (ADX) has moved to almost 40, meaning that the trend is still strong.
Therefore, the path of the least resistance is still bullish, especially as NVDA and SMCI stock prices surge. This means that it could hit the resistance at $10 soon.
Fetch.ai (FET) price prediction
Fetch.ai’s FET token has also been in a strong bull run as the demand for artificial intelligence tokens surge. It peaked at $1.1637 on Wednesday. Like RNDR, the token has crossed the key resistance point at $0.7942 and invalidated the double-top pattern. The ADX indicator is pointing upwards while the token remains above the 50-day moving average.
Therefore, the path of the least resistance for the Fetch crypto is bullish, with the next psychological level to watch being at $1.50. A drop below the key point at $1.0 will invalidate the bullish view.
Other AI crypto to watch
There are other AI cryptocurrencies you can watch. For example, The Graph (GRT) is a cryptocurrency project that helps developers handle big data in their ecosystem. SingularityNET is a platform that has created a decentralized marketplace for AI networks. The other AI cryptocurrencies to consider are Ocean Protocol and even Arbitrum.
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