Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

How Does The Coinbase Direct Listing Affect The Tech Sector?

By Michele SchneiderStock MarketsApr 14, 2021 12:23AM ET
www.investing.com/analysis/how-does-the-coinbase-direct-listing-affect-the-tech-sector-200572910
How Does The Coinbase Direct Listing Affect The Tech Sector?
By Michele Schneider   |  Apr 14, 2021 12:23AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

QQQ Daily Chart
QQQ Daily Chart

The NASDAQ 100 (QQQ) has made new all-time highs on the heels of the Coinbase direct listing on Wednesday, April 14th.

Coinbase is currently the most popular exchange for buying crypto and has attracted a large amount of popularity and hype before it goes public as market analysts throw out wildly different estimates ranging from $20 to $100 + billion.

When it comes to new stock releases, from our perspective, the best plan is to wait for the dust to settle.

Without any prior trading history, highly speculative estimates can be fun to think about, but often do not have a good track record of helping position size for the unknown volatility that often takes place with a new listing.

However, Coinbase (NASDAQ:COIN), which will be listed on the NASDAQ exchange with the ticker COIN, has a deeper meaning than any other publicly traded company.

It brings yet another level of legitimacy to the cryptocurrency space which has gained a huge amount of momentum over the past 6 months.

Additionally, many banks have been working on creating infrastructure for cryptocurrencies along with companies investing directly into Bitcoin.

There are also companies that are willing to accept payment in Bitcoin and other cryptocurrencies for goods and services.

On top of several traditional banks that have already been working on creating infrastructure and services for cryptocurrencies, there are also banks emerging with the sole purpose of providing cryptocurrency and fintech services.

With that said, COIN could give another boost to the tech sector as it will be one of the first publicly traded companies that helps people buy cryptocurrencies.

Its further adoption paves the way for large and new tech companies to join the tech space as more demand for cybersecurity, computer chips, crypto banking, and transaction software need to be created.

ETF Summary

S&P 500 (SPY) New Highs.

Russell 2000 (IWM219.39 support.  Resistance 226.69

Dow (DIA) 333.43 support.

NASDAQ (QQQ) New highs.

KRE (Regional Banks) Needs to hold over 65.26.

SMH (Semiconductors) Resistance 258.59.

IYT (Transportation) Closed over the 10-DMA at 260.67.

IBB (Biotechnology) 145.61 support.

XRT (Retail) Needs to clear 93 then 96.27.

Volatility Index (VXX) Needs to find support.

Junk Bonds (JNK) support 108.59 the 50-DMA 109.08 resistance.

(LQD) (iShares iBoxx $ Investment Grade Corporate Bond ETF) 131.53 next resistance area the 50-DMA.

IYR (Real Estate) Staying over the 10-DMA at 93.76 and trending higher.

XLU (Utilities)  64.19 support. Needs to hold over 65.30.

GLD (Gold Trust) Gap to fill at 164.14.

SLV (Silver) Doji day. 23.78 resistance.

VBK (Small Cap Growth ETF) 282.47 resistance area from the 50-DMA.

UGA (US Gas Fund) 31 support area. 32.66 resistance.

TLT (iShares 20+ Year Treasuries) 134.97 support. 138.66 resistance to clear.

USD (Dollar) 92.29 resistance area. 91.58 the 50-DMA

MJ (Alternative Harvest ETF) Would good if this could get back over 21.55.

WEAT (Teucrium Wheat Fund) Doji day right on the 50-DMA at 6.17

How Does The Coinbase Direct Listing Affect The Tech Sector?
 

Related Articles

Gary S. Morrow
Jets Are Lifting By Gary S. Morrow - May 14, 2021

We sure like this Alaska Air Group (NYSE:ALK) chart. There is solid footing underneath ($63.65). The daily MACD is back to neutral despite shares trading fairly close to the 2021...

How Does The Coinbase Direct Listing Affect The Tech Sector?

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email