- NVIDIA stock price is currently trading at 465.07 while witnessing a decrease of -0.48% during intraday session.
- The year-to-date return of NVDA stock price is 213.6% and the three-month return is 67.05%.
- NVIDIA stock price is currently trading above the 20,50,100 and 200-day EMA.
NVIDIA is well known for its RTX graphics processing units (GPU) which are used in video games. The NVDA stock has a market valuation of $1.14 Trillion, which makes it the fifth most valuable US company behind Apple, Microsoft, Alphabet and Amazon.
From a technical standpoint, the current candles show an uptrend pattern and higher lows, suggesting that the stock’s overall trajectory is bullish. This pattern is indicative of buyer interest and potential further price appreciation.
In the short term, during the intraday session, NVDA stock has faced some setbacks, witnessing a decrease of -0.48%. Such intraday fluctuations are common and can be influenced by various market factors, including news events and overall market sentiment.
However, on a weekly basis, the stock has sustained bullish momentum, recording a return of 3.48% in the previous week. This positive performance indicates strong buyer interest and investor confidence in the stock’s prospects.
NVDA stock price has recently reached an annual high, indicating that the company’s performance and market sentiment have been favorable. While it may experience some temporary consolidation or pullbacks, the overall strength in the market is likely to favor buyers in the long run.
Since the start of 2023, NVDA stock price has demonstrated consistent bullish sentiment in the market. NVIDIA stock price observed a whopping return of 213% from the support level of $148 to the recent resistance level at $478. There are various factors affecting this tremendous growth.
Factors Affecting the Rise of NVIDIA
During the pandemic, NVIDIA experienced meteoric expansion, capitalizing on several key trends that emerged during this unique period.
As the world took a pause, the gaming industry took off, with people seeking entertainment options at home. NVIDIA’s high-performance graphics processing units (GPUs) were in high demand, providing an immersive gaming experience and powering cutting-edge gaming technologies.
Simultaneously, cloud adoption surged as remote work and digitalization became the norm. Cloud service providers expanded their infrastructure, with NVIDIA’s GPUs playing a pivotal role in data processing and accelerating artificial intelligence workloads in the cloud.
In addition, the cryptocurrency market witnessed a resurgence, with crypto enthusiasts turning to GPUs for mining digital coins. NVIDIA’s GPUs, renowned for their computational power and energy efficiency, were highly sought after, contributing to increased demand for the company’s products.
Furthermore, the AI boom sparked a race for large computing power to process vast amounts of data and power generative AI applications. NVIDIA’s GPUs emerged as the go-to choice for these tasks, with the company dominating about 80% of the GPU market.
Technical Analysis Of Nvidia
The relative strength index (RSI) trades at 63.17 during the intraday session. RSI denotes bullish momentum, as the RSI indicates strength in the market.
The chaikin money flow score is -0.05, and the CMF moves with downward momentum, indicating the rise in participation of sellers in the market during the previous 24 hours.
NVIDIA stock price is currently trading above the 20, 50, 100, and 200-day EMA, indicating strength in the market. However, it has witnessed downward momentum in the price during the intraday session.
The current market capitalization of NVDA stock price is $1.149 Trillion with an average volume of 43.02 Million shares.
Despite the shortage in the global-supply chain of semiconductors, NVIDIA GPU chips have been in high demand since the pandemic and will rise further. With a valuation of $1 Trillion and as the fifth most valuable US company, NVIDIA holds the unshakeable trust of investors.
Major support: $440.20 and $410.70
Major resistance: $478 and $500