Nvidia stock recovers as Dogecoin, Jasmy, Render lead crypto’s rebound
Release: 2024/08/06 01:29 Reading: 268
Nvidia stock rebounded on Monday, August 5, providing a glimmer of hope for investors seeking a buying opportunity.
Is it a "Dead Cat Bounce"?
Nvidia stock experienced a low of $90.69 on August 5, attracting buyers who pushed it back above $100. This recovery occurred despite a significant drop in the Dow Jones (over 1,000 points) and a historic intraday decline of 1,000 points in the S&P 500 and Nasdaq 100 index.
NVDA's recovery mirrored similar rebounds in altcoins, including Dogecoin (DOGE) which rose to $0.093, JasmyCoin (JASMY) which reached $0.021, and Render Token (RNDR) which climbed by 25%.
Bitcoin (BTC) and Ethereum (ETH) also recovered some losses, trading at $54,500 and $2,440 respectively. However, the sustainability of these gains is uncertain due to ongoing financial market risks.
Technical Analysis and Market Sentiment
The S&P 500 index formed a potentially bearish rising wedge pattern, indicating further selloffs.
Technology stocks, including Nvidia, and cryptocurrencies have a correlation, contributing to the rise in altcoins during the US morning session. Oversold conditions in the market also supported this rebound.
Bullish Catalysts
Despite the risks, potential catalysts could drive Nvidia and cryptocurrencies higher:
- A possible recession, as indicated by Goldman Sachs and the Sahm Rule.
- The Federal Reserve may intervene with interest rate cuts in September, boosting risky assets like cryptocurrencies.
- Strong earnings reports from S&P 500 companies, with blended revenue growth of 11.5%.
- Nvidia's financial results announcement on August 28 is a key event for the stock.
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