Analysis: Nvidia's stock price formed a death cross this week, but its correlation with AI token prices is gradually weakening

ChainCatcher news, the market data platform Barchart published an analysis on platform X, pointing out that AI token traders usually pay more attention to chip giant Nvidia. However, its stock price has just formed the first death cross since April 2022 (the 50-day moving average falling below the 200-day moving average), and the last death cross led to a 47% plunge in its stock price over the following six months.

Although Nvidia's stock price showed bearish signals this week, AI tokens were not affected. Render (RNDR) rose by 4.06%, while Bittensor (TAO) and Artificial Superintelligence Alliance (FET) both increased by about 2.88%. Analysts believe that Nvidia's stock price has, at times, shown no significant correlation with AI token price trends. For example, in the first quarter of last year, Nvidia's revenue grew by 18%, but the strong performance did not lead to a similar trend in AI token prices. Some cryptocurrency traders believe that only AI tokens with real utility will thrive in the future.