The NVIDIA Conference, a leading AI event, ended on March 21, revealing advancements in artificial intelligence. Despite this, AI token prices remained stagnant, OCEAN being the exception.
Nevertheless, The Graph shows promising price action for the future, prompting the question: Can GRT return to $1 for the first time since 2021?
𝗡𝗩𝗜𝗗𝗜𝗔 𝗖𝗼𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝗖𝗼𝗺𝗲𝘀 𝘁𝗼 𝗮𝗻 𝗘𝗻𝗱
The NVIDIA GTC conference took place between March 17 and 21. The GTC conference is considered the top AI Conference for developers.
There were several new announcements at the conference. The most important were:
◾ OpenUSD Omniverse digital twins will be integrated into the Apple Vision Pro.
◾ Earth-2, a digital twin of Earth, which will predict extreme weather using AI is under development.
◾ Nvidia unveiled robots powered by Nvidia technology, including one resembling WALL-E from Disney Research.
◾ AI-driven digital twins for warehouse operations and simulated 3D environments with AI agents were showcased.
◾ Inference Microservices (NIMs) were introduced as a new approach to accelerate generative AI model deployment, reducing deployment time from weeks to minutes.
◾ Nvidia announced leveraging AI for drug discovery with BioNeMo NIMs.
𝗔𝗜 𝗕𝗮𝘀𝗸𝗲𝘁 𝗨𝗻𝗱𝗲𝗿𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝘀
Interestingly, the conference did not drive customers to AI tokens. In fact, a basket of seven of the biggest tokens currently trades at the same price it did at the morning of March 17, the day the conference started.
Since there was a considerable increase before the conference, it is possible that anticipation for the event led to increased interest, but the lack of announcements regarding cryptocurrencies failed to boost prices.
FET and NEAR have been the biggest gainers with over 70% increases, followed by AGIX, RNDR, OCEAN and GRT. TAO is the only one with a negative performance, since it has fallen 4%.
𝘐𝘯𝘵𝘦𝘳𝘦𝘴𝘵𝘪𝘯𝘨𝘭𝘺, 𝘖𝘊𝘌𝘈𝘕 𝘪𝘴 𝘵𝘩𝘦 𝘰𝘯𝘭𝘺 𝘰𝘯𝘦 𝘸𝘪𝘵𝘩 𝘢 𝘱𝘰𝘴𝘪𝘵𝘪𝘷𝘦 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘴𝘪𝘯𝘤𝘦 𝘵𝘩𝘦 𝘤𝘰𝘯𝘧𝘦𝘳𝘦𝘯𝘤𝘦 𝘴𝘵𝘢𝘳𝘵𝘦𝘥.
Out of the seven cryptocurrencies, GRT seems to have the most interesting formation that could lead to significant gains ahead.
𝗖𝗮𝗻 𝗚𝗥𝗧 𝗥𝗲𝗮𝗰𝗵 $𝟭 𝗦𝗼𝗼𝗻?
The GRT price has increased rapidly since breaking out from a long-term descending resistance trend line in November 2023. The upward movement led to a high of $0.49 in March 2024.
The price action shows to additional bullish signs, namely a breakout from the $0.30 horizontal resistance area and an ascending parallel channel (green icon). Both are a sign that GRT has finished its correction and started a bullish trend.
𝗔𝗜 𝗖𝗿𝘆𝗽𝘁𝗼𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝗶𝗲𝘀 𝗣𝗲𝗿𝗳𝗼𝗿𝗺 𝗪𝗲𝗹𝗹 𝗶𝗻 𝗠𝗮𝗿𝗰𝗵
Even though the basket of AI tokens did not enjoy increases during the NVIDIA conference, it has performed admirably since the beginning of March, with the exception of TAO. GRT’s price action shows an advantageous position that can lead to considerable increases in April.
