|

AI tokens dip before NVIDIA 2024 GTC AI conference: RNDR, FET, AGIX, AKT

  • Prices of Artificial Intelligence tokens Render, Fetch.AI, SingularityNET and Akash Network declined on Tuesday. 
  • NVIDIA 2024 GTC AI conference is scheduled for March 18 to 21, fueling anticipation among AI token holders. 
  • AI tokens have yielded double-digit weekly and monthly gains, catalyzed by the euphoria surrounding AI. 

The Artificial Intelligence (AI) narrative is likely to make a comeback with NVIDIA’s AI conference, which will be held in mid-March. The event will feature over 900 sessions and 300 exhibits, and has the potential to fuel the current AI-led narrative among crypto market participants.

Also read: Are there more AI growth opportunities to be priced into the markets? [Video]

AI tokens could offer traders “buy the dip” opportunity

AI tokens Render (RNDR), Fetch.AI (FET), SingularityNET (AGIX) and Akash Network (AKT) have noted a decline in their prices on Tuesday. The recent correction, which goes from 2.3% to 7.6% depending on the token, could offer sidelined traders a “buy the dip” opportunity ahead of a key event in the ecosystem, the upcoming NVIDIA 2024 GTC conference in Silicon Valley. This is an important event since it is the largest AI conference hosted by NVIDIA, which is benefiting the most from the recent AI frenzy. 

The conference will feature several technical workshops on generative AI and other segments within Artificial intelligence. The announcements or updates by projects involved at the NVIDIA conference could fuel a bullish sentiment among AI token holders. This could catalyze gains in AI assets. The event is scheduled to take place between March 18 and 21.

Prices of RNDR, FET, AGIX and AKT have dipped by 3.5%, 3%, 7.6% and 2.3% in the past 24 hours, respectively, according to data from CoinGecko. This correction could be followed by a rally in the coming weeks, provided that outcomes from the conference contribute to fuel the AI narrative. 

AI token

AI token price change in the past 24 hours. Source: CoinGecko 

Crypto analyst and trader behind the X handle, @MatthewHyland_ commented on RNDR price chart and noted that the AI token is in the same position it was before the recent double-digit monthly gains. 

Assets like AGIX and FET have yielded nearly 25% and over 60% gains in a week, respectively. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Ripple nears lifeline support as macro risks intensify

Ripple continues to face significant selling pressure, sliding below $1.10 at the time of writing on Wednesday. This decline mirrors the broader weakness in the crypto market, exacerbated by mounting macroeconomic headwinds and persistent geopolitical uncertainties.

Crypto Today: Bitcoin, Ethereum, XRP trade under pressure as September Fed rate-hike odds increase

Bitcoin is trading between $62,000 and $63,000 at the time of writing on Wednesday, weighed down by headwinds stemming from macroeconomic uncertainty and geopolitical tensions in the Middle East, especially as the US and Iran continue to offer conflicting accounts of the nuclear discussions.

Cardano vulnerable to deeper losses amid SecondFi exploit

Cardano price hovers below $0.1500 at press time on Wednesday, extending a refreshed bearish impulse move of over 20% in the last nine days. The exploitation of the Cardano ecosystem’s SecondFi wallet-generation software, resulting in a loss of about 16 million ADA, weighs on retail strength.

Bitcoin struggles as institutional demand remains weak

Bitcoin remains under pressure, trading around $62,700 on Wednesday after losing 2% the previous day. Persistent institutional selling, with spot Exchange Traded Funds (ETFs) recording outflows on Tuesday, continues to weigh on BTC.

Bitcoin: Recovery hopes fade after the Fed spoils the party
Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.