3 AI Coins to Watch Ahead of NVIDIA Q3 Earnings

On Wednesday, November 20, NVIDIA is scheduled to report its Q3 profits for the fiscal year 2024. Being one of the leading companies in GPU technology, NVIDIA has benefited greatly from the expanding artificial intelligence (AI) boom. AI-related cryptocurrencies have historically been impacted by the company’s earnings release, and many investors are interested to see how it will affect the market this time around.

The market has previously reacted differently to NVIDIA’s earnings. The news has occasionally caused a “sell the news” effect, which has led to a decline in AI coin prices. The announcement has caused rallies in AI coins on past occasions. Here are three AI-based cryptocurrencies to watch this week in light of this uncertainty.

1. Render (RENDER)

Render is one of the top AI coins to watch ahead of NVIDIA’s earnings. The project is a major GPU compute platform used for generative AI. In the lead-up to the last NVIDIA Q2 earnings report, RENDER experienced a rally. However, its price fell when the earnings announcement was made public.

The price of RENDER is $7.59 as of this writing, a 27% increase over the previous week. The token moved in a bearish descending triangle pattern from late September to early November. In the first week of November, though, it broke out of this pattern, invalidating the bearish trend.

The token’s momentum appears to be bullish at the moment, as indicated by the positive Moving Average Convergence Divergence (MACD). Should NVIDIA’s profits surpass projections, RENDER may increase to $8.83. In an extremely optimistic situation, it may potentially hit $11.86. However, the price can drop to $5.47 if the market has a negative reaction.

2. Grass (GRASS)

Grass is another AI coin to keep an eye on ahead of NVIDIA’s earnings. This is the first time GRASS has appeared on this list since its launch in October. The project is a part of the Decentralized Physical Infrastructure Network, DePIN, which recently attracted much attention in the market.

Despite this strong market interest, GRASS has decreased in price by 10.31% over the week. The Parabolic Stop and Reverse (SAR) indicator on the one-hour chart shows that the dots are above the price, meaning there could be a possible downtrend. The indicator is used to identify potential reversals in price, and the current position suggests that GRASS might drop below $2.36.

However, if buying pressure increases ahead of Wednesday’s report, GRASS could see a rally and push toward $3.30. The coin’s future performance largely depends on investor sentiment as the earnings report approaches.

3. PAAL AI (PAAL)

PAAL AI is another AI cryptocurrency to watch this week. Built on the Ethereum blockchain, PAAL has often followed the same trends as other AI coins when NVIDIA releases its earnings report.

On the day-to-day chart, the price of PAAL spiked 12.35% in the last 24 hours, based on increased demand. However, the altcoin’s value went down from $0.35 to $0.12 due to increased selling pressure. It has bounced slightly from that level to $0.15, but the price is still trading below the 20-day and 50-day EMAs, which indicates further struggle for the altcoin.

If buying pressure mounts further, then the stock of NVIDIA will surge along with PAAL’s price. However, if the volume decreases, the coin could face further declines. Investors will need to watch the trading volume and sentiment closely as NVIDIA’s earnings report is released.

Summary Table: AI Coins to Watch

As NVIDIA’s Q3 earnings report approaches, the performance of AI coins like Render, Grass, and PAAL will be closely watched. This could be the market’s reaction: either the prices fluctuate due to the investors’ interpretation of the news. Traders may monitor key technical indicators like the MACD, Parabolic SAR, and moving averages for proper decisions. The next few days would likely be critical for these cryptocurrencies based on AI.