BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, DOGE, LINK

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Coinbase’s (COIN) listing on the Nasdaq could ultimately fuel the adoption of cryptocurrencies and attract crowds of institutional investors. However, it is unlikely to happen right away. In the first few days after the listing, volatility could be high as Wall Street tries to value Coinbase. This could also increase volatility in cryptocurrencies.

Sharp price movements in Bitcoin (BTC) could also lead to the liquidation of leveraged positions in the derivatives market. The massive $ 27 billion open positions in Bitcoin futures and $ 8 billion open positions in Ether futures indicate that an increase in volatility could bring several traders to a standstill.

Daily market performance in cryptocurrencies. Source: Coin360

Quoting the monthly RSI (Relative Strength Index) indicator, PlanB, the analyst behind the popular stock-to-flow pricing model for Bitcoin, said the current value of over 92 is high but it does not match the previous bull’s 95 levels 2017, 2013 and 2011 markets.

According to PlanB’s calculation, the price of Bitcoin would have to rise to $ 92,000 by the end of April to increase the RSI to 95.

Traders will closely monitor the price development in COIN and this will likely determine the short term sentiment. Let’s examine the charts of the top 10 cryptocurrencies to identify the critical levels of support and resistance.