Nvidia’s Stock Poised for Massive Growth in 2023
Nvidia Corporation (NASDAQ: NVDA) has been experiencing significant growth in its stock price since the start of the year.
Financial experts have predicted that it has the potential to follow in the footsteps of Apple (NASDAQ: AAPL) and achieve massive growth in 2023.
According to data from CoinMarketCap, 46 Wall Street analysts have rated Nvidia’s stock, with the majority (31) advocating a ‘strong buy,’ 3 recommending a ‘buy,’ and 12 suggesting to ‘hold.’ There were no supporters for either ‘sell’ or ‘strong sell.’
Based on estimates from 40 Wall Street experts on TradingView, the one-year price target for NVDA stock is $289.10, with a high estimate of $355 and a low estimate of $175 for the following 12 months.
These ratings suggest that analysts have a positive sentiment towards Nvidia’s stock, which may be due to its role as a supplier of chips for the AI sector, the recovery of its gaming division, and the widespread use of its GPUs in crypto mining.
In the past 30 days, NVDA’s trading range has been between $262.20 and $290.58. Currently, it is near the upper end of that range. The intersection of multiple trend lines and critical moving averages across various time frames has resulted in a support zone between $262.40 and $273.94.
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On May 1, NVDA surpassed the resistance level of $280, and some experts believe it could reach the $295 – $300 range next, followed by the $310 – $312 area.
Additionally, on May 1, a pseudonymous trader named Wasteland Capital reported that NVDA’s market capitalization increased by about $31 billion in one day. This is more value created than the company’s total profit from the past six years combined.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
