There was a lot of hype before Coinbase was listed on the Nasdaq Stock Exchange on April 14th, and several cryptocurrencies were revived before the event.
However, usually traders buy the rumors and sell the news. In this case, they made a purchase prior to the event, after which many investors appeared to be earning aggressively. This led to modifications for several major cryptocurrencies, including Bitcoin (BTC).
Daily view of cryptocurrency market data. Source: Coin360
Before Coinbase was listed, several swaps soared as traders raised the price from Coinbase’s $ 100 billion valuation. Now that the COIN has been trading on the Nasdaq for about a week, let’s take a look at how the swap tokens have performed since the listing.
BNB / USDT
Binance coin (BNB) was priced at $ 256.72 on February 19 and then rose to a record high of $ 638.56 on April 12, giving investors a 148.73% profit.
VORTECS ™ data from Cointelegraph Markets Pro began to show an optimistic outlook for BNB on April 2 before the rally took off.
Exclusive to Cointelegraph, VORTECS is a mathematical comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS ™ points (green) against the BNB rate. Source: Cointelegraph Markets Pro
As shown in the monthly chart above, BNB’s VORTECS valuation turned green on April 2, when the price was close to $ 335.
Excluding short spells, the VORTECS ™ result remained in the green all the way up to $ 601 on April 13th. Thus, the indicator can help traders maintain the meeting, although other methods of analysis may warn of overbought levels.
The coin posted a profit of over $ 600 which was corrected to a 20-day exponential moving average ($ 463) on April 18th. In a positive sign, however, the bulls did not allow the price to drop below 20 days. EMA.
BNB / USDT daily chart. Source: TradingView
Both moving averages continue to rise, and the Relative Strength Index (RSI) is above 68, indicating that the bulls are in control. Buyers may encounter $ 600 resistance, but if they overcome this hurdle, the BNB / USDT pair could rise to $ 638.56.
The bears will once again attempt to halt the trend in the $ 600 region to $ 638.56. If the price falls from this area, it may fall back to $ 428, and the pair could be in a range for several days.
However, if the bulls were to push the price above an all-time high, the pair might gain momentum and rise to $ 832. This bullish outlook will fade if the bears pull back and keep the price below $ 428.
This move indicates that supply is exceeding demand, which could bring the price down to $ 348.69.
FTT / USDT
FTX token (FTT) rose from $ 28.82 on February 19 to a record high of $ 59.59 on April 14, reaching 106.76%. Since then, the token has been in a correction phase, but in a positive sign, the bulls have not allowed the price to remain below the 20 day EMA ($ 48.70). This is about strong buying in downturns.
The news that the FTX exchange is burning more than $ 6.4 million in FTTs, more than the previous record of $ 2 million, is likely to attract buyers, as it shows that the exchange has done strong business. When more tokens are burned, the supply will decrease, and when the demand increases, the price is likely to rise.
FTT / USDT daily chart. Source: TradingView
If the bulls manage to push the price above $ 52.55, the FTT / USDT pair could rise to $ 59.59. If the bulls manage to push the price above this resistance, the speed is likely to accelerate and the pair could rise to $ 71.89.
However, if the bulls fail to push the price above $ 52.55, that means demand dries up at higher levels. This might strengthen the bears and then try to push the price down to the 50 day simple moving average ($ 41.32).
This is an important support to look out for as the price has not closed below it since mid-November of last year. Therefore, a break below this level indicates a trend reversal and opens the door for a deeper correction to $ 32.