NASDAQ 100 (NAS100) Is In An Upward Move, Struggles Below Level 14040.00

NASDAQ 100 (NAS100) Is In An Upward Move, Struggles Below Level 14040.00

Key Resistance Zones: 14000, 14100, 14200
Key Support Zones: 13400, 13300, 13200

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 index has continued the upward move. On April 12 the bulls broke the resistance level which has been holding since February 15. The index price pulled back to retest the resistance, now support before continuing upward move. Buyers are yet to break the overhead resistance convincingly. NAS100 index is trading at 14045.53 at the time of writing.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
NAS100 is at level 67 of the Relative Strength Index period 14. This indicates that the index has no room to rally on the upside. Also, the market is approaching the overbought region as sellers may emerge. The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, the index is in a sideways move below level 14040. On April 15 uptrend, the index was resisted at level 14045.00. A retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extension or level 14121.75.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 60% range of the daily stochastic. It indicates that the index is in a bullish momentum. Meanwhile, the moving averages are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 index is struggling to break above the overhead resistance at level 14040.00. The uptrend will resume if the overhead resistance is breached. Presently, index price is fluctuating below and above the level 14040.00

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Coinbase Finally Debuts on Nasdaq, Surges 50 Percent Immediately

Coinbase Finally Debuts on Nasdaq, Surges 50 Percent Immediately

Coinbase has made history today, following its initial public offering (IPO) on the Nasdaq. The exchange’s stock price (NASDAQ: COIN) saw a massive spike immediately after its debut on the stock exchange.

The stock price surged by 52.4% to $380 per share, as its highly-anticipated listing kicked off on the tech-heavy exchange this afternoon.

The rally sent the firm’s market capitalization to $99.6 billion, exceeding its estimated valuation by $34.6 billion. This price activity seen in COIN is on par with the debuts of tech giants like Facebook and Airbnb.

The company noted that it opted to be directly listed, which means that no new shares will be issued, with shares made available for existing investors at a quoted of $250 per share.

Record-Breaking Revenue Report
The US-based cryptocurrency exchange is the first cryptocurrency company to go public amid a booming appetite for inflation-proof assets during the global economic crisis.

The cryptocurrency exchange generates its revenue from charging fees on trades on cryptocurrency trades, making volatile markets particularly profitable for the company.

In its most recent quarterly report, Coinbase noted that its revenue target for Q1 2021 was between $730 and $800 million. The company ended up reporting $1.8 billion in revenue in the first three months of its fiscal year. The company now boasts more than 56 million verified users.

Meanwhile, the founding and managing partner of Eden Block, Lior Messika, noted that:

“The company’s aggressive growth, underpinned by an increasingly dominant presence in the West, has laid the groundwork for what will surely be one of the most important listings in tech and a complete game-changer for the crypto industry.”

 

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NASDAQ 100 (NAS100) Rally Is Facing Rejection at Level 13855

NASDAQ 100 (NAS100) Rally Is Facing Rejection at Level 13855

Key Resistance Zones: 14000, 14100, 14200
Key Support Zones: 13400, 13300, 13200

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 index is an upward move. The index has been rising since March 9. The index has risen and it is retesting the previous historical price level at level 13885.85 to break above. On March 17 uptrend; a retraced candle body tested 61.8% Fibonacci retracement level. The retracement implies that the market will rise to level 1.618 Fibonacci extension or the high of 13935.21. From the price action, the market has reached the high of level 13825.25.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. NAS100 is at level 66 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone. It indicates that the index is approaching the overbought region of the market. The implication is that the index has no enough room to rally on the upside.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an uptrend. The uptrend is facing resistance at level 13855. On April 8, the uptrend was resisted as price retraced to level 13700 and resumed upward. The second uptrend is still facing the same rejection.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is above the 60% range of the daily stochastic. It indicates that the index is in a bullish momentum. Meanwhile, the 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has been in an upward move for the past month. The uptrend has reached and it is retesting the historical price level of February 15 at level 13855. The upward move will resume if price breaks the current resistance at level 13855.


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NASDAQ 100 (NAS100) Rallies on the Upside, Targets Level 13929.26

NASDAQ 100 (NAS100) Rallies on the Upside, Targets Level 13929.26

Key Resistance Zones: 14000, 14100, 14200
Key Support Zones: 13400, 13300, 13200

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 index is an upward move. The index price has broken above the moving averages. This is an indication of a further upward movement of the index. On March 17 uptrend; a retraced candle body tested 61.8% Fibonacci retracement level. The retracement implies that the market will rise to level 1.618 Fibonacci extension or the high of 13929.26.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. NAS100 is at level 58 of the Relative Strength Index period 14. It indicates that the market is in the uptrend and above the centerline 50.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, the index is in a smooth uptrend. The index price has broken above the moving averages. NAS100 will rise as long as price is above the moving averages. Presently, the upward move is facing resistance at level 13350.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is above the 80% range of the daily stochastic. It indicates that the index is in a bullish momentum. Meanwhile, the 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is rising on the upside. The daily stochastic is indicating that the index is in the overbought region of the market. However, in a trending market, the overbought condition may not hold. That is the uptrend will continue. According to the Fibonacci tool, the market will rise to level 1.618 Fibonacci extension or the high level 13929.26.

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Coinbase Officially Sets April 14 as Date for Its Nasdaq Listing

Coinbase Officially Sets April 14 as Date for Its Nasdaq Listing

The largest cryptocurrency exchange in the United States, Coinbase, has just announced that the date for its long-awaited direct listing on the stock market has been fixed. Following approval from the US Securities and Exchange Commission, the exchange reported that it would get listed on the Nasdaq on April 14.

According to a blog post published on April 1, Coinbase noted that its Class A common stock would get directly listed on the Nasdaq Global Select Market in twelve days from today, under the ticker symbol “COIN.”

Before the recent development, the behemoth exchange planned to go public in March but decided to hold off on the listing until April, likely because of its previous regulatory crisis with the CFTC.

The Commodity Futures Trading Commission (CFTC) recently accused Coinbase of carrying out illegal wash trading practices for three years. However, shortly afterward, the exchange agreed to settle the $6.5 million fine imposed by the regulatory body.

Should the listing go according to plan, Coinbase would become the first cryptocurrency exchange to get listed on the Nasdaq, which would mark a significant milestone for the entire cryptocurrency industry.

Pivot from IPO to Public Listing
Initially, the US-based cryptocurrency exchange announced in December 2020 that it would go public via an initial public offering (IPO). However, Coinbase changed its plans and opted for a direct listing instead.

In its recent statement, Coinbase noted that:

“This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.”

Meanwhile, congratulatory messages have started to roll in from prominent industry players. Shortly after the announcement, MicroStrategy CEO Michael Saylor stated that:

“Congratulations to the entire team at Coinbase. This listing will accelerate institutional adoption of bitcoin and catalyze a host of complimentary industry initiatives.”

 

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