The share price of semiconductor firm Nvidia (NASDAQ: NVDA) continues to approach key resistance levels as it seeks to reclaim its previous momentum, which once positioned the company as the most valuable in the world.
In this regard, an analysis by charting platform TrendSpider in an X post on August 12 suggested that the stock is poised to reach the $180 mark, based on the equity’s historical trajectory amid Nvidia’s role in the general technology space.
TrendSpider summarized Nvidia’s trajectory with the analogy, “sell shovels during a gold rush,” highlighting how the company’s products are becoming indispensable as industries increasingly rely on artificial intelligence (AI) and high-performance computing.
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According to the analysis, Nvidia’s rise has been marked by significant milestones and trends shaping its journey. For instance, in January 2002, Nvidia was in its early growth stages, beginning to establish its presence in the tech industry.
By October 2014, the chipmaker had firmly established itself as a leader in the GPU market, potentially driven by the rising demand for gaming and professional graphics solutions. This period began a sustained upward trend, reflecting the company’s growing market dominance.
November 2021 was another critical period, with Nvidia’s stock reaching new heights amid the artificial intelligence and cryptocurrency boom. During this time, the firm’s chips became essential for AI research, data centers, and cryptocurrency mining, further boosting its stock price.
NVDA’s path to $180
Additionally, TrendSpider’s analysis suggested that Nvidia’s stock has followed a well-defined upward channel over the years. The current trajectory indicates that it may continue climbing toward the $180 mark. The equity has consistently tested and respected this channel’s support and resistance levels.
Therefore, if Nvidia’s stock continues to grow at its historical rate, it could reach $180 within the next 12 to 24 months, assuming the NVDA continues to adhere to its established upward channel and external factors remain favorable.
Nvidia share price analysis
At the moment, Nvidia aims to reclaim the $110 level after experiencing high volatility and capital swings below the mark. Ahead of the market opening on August 12, Finbold reported that investors should watch for support levels around $102.5, with resistance at $108 and $110.
By the close of markets on August 9, Nvidia was trading at $104.75, having corrected by about 0.2% in 24 hours. On the weekly chart, the stock is up almost 14%.
In summary, Nvidia’s prospects of reaching $180 depend on several factors, including the overall trajectory of the US economy, the continuation of the AI boom, and positive earnings reports.
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