AI-themed tokens including Fetch.ai [FET] and Render [RNDR] might be set to regain some of their erased gains if the correlation with NVDA...
If NVDA sustains its hike in the coming week, FET and RNDR may drive past the highs of the last seven days.might be set to regain some of their erased gains if the correlation with NVDA is one to consider. For those unfamiliar, NVDA is the stock of NVIDIA Corp, an Artificial Intelligence firm. According to data from Google Finance, NVDA’s valueAround two weeks ago, NVDA’s price plummeted due to the geopolitical unrest in the Middle East.
In theory, the state of the metric suggests that discussions around the token have been okay relative to other assets. For the price, this could be good news considering the fact that the reading has remained in a healthy position.If the metric was above 3.45%, historical data revealed that the tokens would have been overheated. In this case, instead of the potential to climb, the prices might tumble on the chart.
Therefore, if slight demand comes in for these tokens, FET might go past its weekly peak of $2.62. RNDR, on the other hand, might also be able to revisit $9.53.Besides the social metrics, another indicator to consider is development activity. This indicator is important because the AI crypto economy plans to enhance the use cases offered by these projects. A look back at the plan toFET with AGIX and OCEAN was a testament to this resolve.
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