NVIDIA Corp Price Prediction: Can NVDA Stock Ascend To $500?

• NVIDIA Corp (NASDAQ:  NVDA) price prediction points at the bullish nature of the stock.
• NVDA stock reported a Year-to-date growth of  209.59%.
• NVDA stock made a new all-time high at $461.55

NVIDIA Corp’s price prediction points at strong bullish sentiments for the NVDA stock price, which was climbing up since the start of this year. The market is very bullish as the buyers keep buying the NCDA stock price in spite of its high price. The NVDA stock price broke its previous all-time high in May 2023 and created a new one at $461.55. NVIDIA Corp reported a year-to-date growth of 209.59%.

At the time of writing, Nvidia Corp closed its trading session on Thursday,13th July 2023 at $459.77. The market closed with an increase of 4.73% the prior day.

The NVIDIA Corp Stock Price Creates a New All-time High

NVIDIA Corp.’s stock price prediction shows that the price has a strong bullish influence. The price is constantly creating higher highs and lower lows. The NVDA stock price is trading above the 200 EMA and riding the wave of the 9 and 15 EMAs. The market is driven by greed, which is a bullish sentiment.

The recent development in AI technology has increased the demand for graphics cards, thus benefiting NVDA and its investors. Another observation is that the volume is diminishing as the price rises. Also, the price action is forming an ascending channel pattern. It means that investors are slowly booking profits, and the price may see some correction.

The Price is Forming an Ascending Channel.

The 4-hour chart gives a closer look at the bullish price action of the NVDA stock price in the short term. As the price rises, the market is creating an ascending channel. If the price goes below the channel, the market can witness a correction of 20% to the support of $370. The volume is also declining as the price rises.

However, the price is very bullish, as it created a new all-time high very recently. There are no major signs of trend reversals. The market may continue to remain overbought as long as the buyer keeps buying the stock, pushing the price higher. Meanwhile, the RSI is also creating a lower high in contrast to the higher high in price. This is a divergence that hints at a possible reversal.

RSI

The RSI indicator is currently at 73.97. The market is in overbought territory. This represents the strength of the market where the price is being controlled by the buyers.

MACD

MACD made a bullish crossover above the 0 line. This is a buy signal suggesting the price will continue to rise until the MACD makes a bearish crossover.

200 EMA

On the 4-hour chart, the price is trading above the 200 EMA. It indicates that the market is influenced by the bulls. The 200 EMA will act as significant support. NVDA price will continue to move up until it breaks below the indicator.

Conclusion

NVIDIA Corp.’s price prediction points to strong bullish sentiments for the NVDA stock price, which has been climbing up since the start of the year 2023. The market printed a fresh all-time high, which is a strong bullish sign. The price is overbought, but there are no major signs of reversal, and the price may continue to rise. New players must exercise caution as the market is volatile, and it’s best to deal with it using a good risk management strategy.

Technical Levels 

• The nearest support level: $437.22
• The nearest resistance level: $461.55

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.