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- NVDA stock price has tumbled a little in past few days as Alphabet has recently announced that their Chips are faster than NVIDIA
- Technical indicators of NVDA are favoring a weak upside trend. It has seen a jump of 0.58% in the intraday session.
NVIDIA Corporation designs and manufactures advanced graphics processing units and other software products. Their chips are used in various applications like Gaming, mining, automotive, and many more things. One of the major things which the company focuses on is AI applications. They have invested in various AI techs and is currently leading the AI war with Microsoft. Nvidia has been able to leverage its AI expertise in data centers and other software-related issues. NVDA chips has also been used in cryptocurrency mining. There is a very high correlation in between the NVDA stock and Bitcoin. If we look ar the charts we can easily see that BTC price is heavily correlated with BTC.
Bitcoin is currently trading near $28k and may see an upside which can also push the NVDA price. Meanwhile, Alphabet has recently claimed that their chips are 1.75 better than Nvidia chips.
NVDA has a market cap of $673.6Bn which can see strong growth in the future. NVDA has a P/E of 115 with a positive EPS as per Yahoo Finance. NVDA is inches away from its 52-week high and can see a new high in the future.
NVDA Bulls Are Looking For An Upside
The weekly technical chart of NVDA hints towards a consolidated trend in price. It has formed a strong upside trend line which can assist it to a new high. On the daily chart, it is trading near the value of $270 with a gain of 0.58% in the intraday session. Resistance of the NVDA can be seen near the value of $280.Meanwhile, the support of the asset price can be seen near $260. It is trading above the 50 and 100 Daily Moving Averages. There can be a positive crossover in the future which can assist the asset price to a new high.
RSI of the asset price is near 62 hinting its presence in the oversold zone.There is a weak downside slope in the RSI which suggests a consolidated momentum in price.
Conclusion
Alphabet has recently claimed that its chips are faster than NVDA chips. NVDA stock price is currently in a weak upside trend and can see a new high in the future.
Technical Levels
Major Support:$260
Major Resistance:$280
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
