On Wednesday this week, Nvidia, the world's largest chip manufacturer stunned analysts with its fourth-quarter earnings.
The stock market exploded on the release of this report, and we are experiencing something similar in the crypto market, particularly with the AI tokens.
Here's how this crypto market niche is performing, why it is performing so well, and everything you should know about the top AI crypto gainers.
According to Nvidia's earnings report, the company, known for manufacturing most of the GPUs used in AI applications reported an earnings per share figure of $5.16 and revenue of $22.1 billion.
These figures amazed analysts, because they beat their consensus estimates of $4.59 and $20.4 billion, respectively.
Nvidia's CEO Jensen Huang says that Nvidia's success was due to the boom of AI tools like GPT, Midjourney and others, as well as accelerated computing, which he said have reached a "tipping point".
He added that Nvidia is ready to register more gains from this increasing demand, as more companies, industries and even countries join the AI bandwagon.
According to data from Coingecko, the AI tokens have been performing very well on all timeframes, especially when we see that this niche has risen by as much as 6% over the last 24 hours.
Nvidia's earnings and outlook had a positive effect on the tokens associated with AI because the total market cap now sits at more than $17 billion
Some of the best-performing tokens include:
According to data from Coingecko, Render has registered as much as 20% in gains over the last day, with weekly gains of around 45% as shown below:
Looking at the weekly chart, we can see that Render is attempting to retake its ATH of $7.95 from November 2021, as shown below:
Judging by this outlook, we can say that Render's bullishness isn't over yet
The cryptocurrency is bound to continue further upwards from $7.22 where it currently sits, up to $7.95 where the bears will attempt to cause a price rejection.
If we do not see this decline happen, render is poised to continue further upwards and hit the $10 zone or even higher, depending on how much momentum the bulls can cram in.
According to data from Coingecko, this cryptocurrency is highly bullish as well and has registered a whopping 36% price gain in the last 24 hours.
We say this without mentioning how AGIX has more than doubled over the last week, with a 114% 7-day gain.
In the chart illustrated below, we can clearly see the price action of AGIX, and how far ahead of its 20-day EMA it sits (red line).
There is a considerable risk of AGIX consolidating from here, or even dropping for a retest of the $0.6 support highlighted above.
This is also with how overbought the cryptocurrency's RSI shows that it is, at the time of writing.
AGIX is highly bullish on all timeframes, but investors should approach with caution.
According to data from Coingecko, this is another one of the most bullish AI tokens out there.
The cryptocurrency is up by around 14% over the last 24 hours and is registering nearly 70% in gains over the last week.
According to the weekly charts, we can see that FET's rally is slightly more justified than most of the others.
The cryptocurrency started to rally only after a break, consolidation and rebound above the $0.5 zone.
The chart above shows that FET's current rally isn't exactly spontaneous, because the $0.5 resistance has been valid since January 2022.
This breakout has led the cryptocurrency straight up to the $1.12 zone and could lead FET straight up to around $1.5 if we see a break above the $1.19 resistance from September 2021.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.