Analysis: Nvidia's stock price formed a death cross this week, but the correlation with AI token prices is gradually weakening

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ODAILY
2 days ago
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Odaily Planet News - Market data platform Barchart pointed out on X platform that AI token traders usually pay close attention to chip giant Nvidia, but its stock price has just formed its first death cross since April 2022 (50-day moving average falling below 200-day moving average), and the previous death cross led to a 47% stock price plunge within the next 6 months. Although Nvidia's stock price showed a bearish signal this week, AI tokens were not affected, with Render (RNDR) rising 4.06%, Bittensor (TAO) and Artificial Superintelligence Alliance (FET) both rising around 2.88%. Analysis suggests that Nvidia's stock price has sometimes lost clear correlation with AI token price trends, such as when Nvidia's revenue grew 18% in the first quarter of last year, but strong performance did not lead to similar AI token price movements. Some cryptocurrency traders believe that only AI tokens with genuine utility will thrive in the future. (Cointelegraph)

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