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- NVDA has ended the year 2022 with a loss of more than 50% in their market cap and is looking to recover
- Technical indicators of NVDA are favoring the consolidation. It is currently trading near $146 with a gain of more than 0.08%
NVDA stock has lost half of its market cap in 2022. The downtrend of Nvidia corporation can be the affect of Russia invading Ukraine. The continuation of shutting down of manufacturing units in China due to Covid. The components of Chips used by the NVDA are mainly concentrated in these countries. NVDA has ended the year with a market cap of $360 Billion. Institutions has large stake in the Nvidia which makes it vulnerable to a downside trend. The downside trend of NVDA may force the investors to sell. Institutional investors has seen a 50% loss from their holdings in NVDA
Nvidia stock is looking to turn wind as their are expecting a strong growth in 2023. NVDA is currently down by more than 50% from its 52 week high. Many analysts are expecting a strong growth in the asset price.
Are Bulls Getting Back In Action?
Nvidia stock price has seen a fall from the high of $190 to $140 within a few days. It may see a recovery in the future. The weekly technical chart of the NVDA suggests a downside trend in price. On coming to the daily chart the asset price is trading near $146 with a gain of 0.08% in the intraday session. The upside trend of NVDA can see a halt near $180. The downside trend of NVDA can see a halt near $120. It is trading below the 50 and 100 DMA. They are acting as a resistance for the upside.There can be a positive crossover which can push the price up to a new high.
Conclusion
NVDA stock price has been seeing a downside trend and has lost 50% of its value. NVDA price may see a strong upside trend in the future.
Technical Levels
Major Support:$120
Major Resistance: $180
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
