AI cryptocurrencies soar after Nvidia stock beats earnings

Cryptocurrencies that are tied to artificial intelligence (AI) have enjoyed considerable gains as a result of Nvidia (NASDAQ: NVDA) exceeding earnings estimates for the second quarter of the year, suggesting that the positive trend for AI could well continue for the foreseeable future.

Timeline of , Fetch, The-graph, Render-token

Falling under the crucial support zone near $0.1128, the GRT coin price falls by 5.38% in the last three days. However, the downtrend takes support at the support trendline of the triangle pattern. Currently, the GRT price shows an intraday fall of 0.94% and hints at the bearish breakdown of the triangle pattern.

Following the 288% recovery. In the early days of 2023, the GRT prices failed to exceed the $0.20 mark resulting in a declining trend. The declining rally found constant support at the $0.10 support range. It also leads to multiple bullish attempts to regain the uptrend momentum.

Crypto Market News: A product linked to the Render network (RNDR), which offers distributed GPU rendering on the blockchain, was mentioned in the Apple event on Monday as part of the keynote event. Artificial intelligence based crypto tokens like Render and SingularityNET have in the recent times gained popularity.

Render Price Analysis: In the daily time frame chart, the Render token price showed the formation of a rounding bottom pattern. This chart pattern development often reflects bottom formation in an asset and the start of a new uptrend.

Crypto Market News: The rise of AI Tokens, the artificial intelligence based crypto tokens, is often seen as a direct correlation to the recent adoption of AI tools like ChatGPT in the mainstream. However, crypto market projects have historically gained investor trust based on the token's individual success and adoption over time.

Binance, one of the world's largest cryptocurrency exchanges, has recently announced its support for the upcoming network upgrades of Fetch.ai (FET) and Terra Classic (LUNA). This move aims to enhance the functionality and performance of these blockchain projects, providing users with improved features and capabilities.

Render (RNDR) has been on an upward trajectory, recording some of the biggest profits in the crypto market this past week. This show of strength by the metaverse cryptocurrency coincides with a busy week dominated by the bulls.

Render token (RNDR) tops the 24-hour gainers' chart as the total crypto market cap shows signs of relief after touching its local bottom over the last week. The global crypto market capitalization has been uncertain over the past month.

It is worth mentioning that Daex (DAX) is a decentralized exchange that allows users to trade cryptocurrencies and tokens. The platform, in particular, offers a wide range of features, including margin trading and customer support.

The governance token of Render has been performing poorly in the past few days as the bears took control of the market. According to CoinGecko, RNDR is down 7% in the past 24 hours, indicating that the general market downturn affected its upward momentum.