馃敟馃敟馃敟 AI Coins To Rally As Analyst Set $165 Price Target For #NVDA Stock?
AI Coins Face Volatility Amid Market Downturn, but Hopes Rise with Nvidia鈥檚 Potential Rebound
AI-related #Cryptocurrencies have experienced a turbulent period recently, driven by broader market volatility. The recent crash in Nvidia's stock added to the uncertainty, sparking a massive selloff in both the stock and #CryptoMarkets . However, renewed optimism surrounding Nvidia's stock price has rekindled hope for a potential recovery in AI tokens.
Analysts Remain Bullish on Nvidia Stock
Investors are closely watching AI coins amid the recent sector slump. This week, the financial markets faced intense selling pressure after reports that the U.S. Department of Justice issued a subpoena to Nvidia. This news led to a 10% drop in NVDA stock on Tuesday, impacting AI tokens as well.
However, on Thursday, Nvidia refuted the DOJ subpoena claims, boosting market confidence. A company spokesperson confirmed that Nvidia would cooperate with regulators if needed, further reassuring investors.
Bank of America reiterated its bullish outlook on Nvidia, maintaining a "buy" rating with a $165 price target. Analysts emphasized Nvidia's strong growth potential and suggested the recent stock dip offers a buying opportunity, driven by high demand for its AI chips.
AI Coins Poised for a Rally?
This bullish sentiment around Nvidia has sparked discussions about a potential recovery in AI-related cryptocurrencies. While the sector remains in the red due to broader market conditions, these recent developments could uplift market sentiment.
AI-related crypto tokens often follow major AI firms' performance. While top AI coins like NEAR, ICP, and FET traded lower in the past 24 hours, recent gains hint at a possible recovery. NEAR rose 0.68%, FET 1.24%, and ICP 0.98%, while Nvidia stock climbed 1.02%, suggesting broader recovery potential for AI tokens.
Source - coingape.com
