Monero formed yet another symmetrical triangle and a breakout could go as high as $370. Synthetix needed to climb above $22.3 and $24.1 to make a recovery towards its late February levels. Finally, Maker did not look ready to climb above its $3,105-resistance just yet.

Monero [XMR]

Source: XMR/USD, TradingView

Monero registered a strong upcycle after the price broke north from a major resistance level; at $239.05. In fact, XMR formed a symmetrical triangle prior to the breakout and gains from the upper trendline up to the rally’s peak amounted to over 50% (not shown). Another symmetrical triangle appeared on the 4-hour timeframe after the price made higher lows and lower highs from the $342-level. While a breakout may not peak as high as the last, a bullish outcome can be predicted nevertheless.

An ADX reading of 38 underlined the presence of bullish strength in the market, in case of another price swing. The OBV was trending lower over the past few sessions but showed some buying at the time of writing. A breakout from this pattern could touch $360 or even $370 but the trading volumes were not there yet to support this outcome.

Synthetix [SNX]

Source: SNX/USD, TradingView

While some alts have been peaking during the present rally, Synthetix has been struggling since the broader market pullback in late February. A downwards sloping trendline was finally breached during the first week of April and this was a positive sign for its trajectory for the rest of the month. Key resistance levels lay at $22.3 and $24.1, and these lines must be breached for bullish recovery.

A bearish divergence was spotted on the RSI after SNX got rejected at the upper ceiling of $22.28. The RSI was in neutral territory, at the time of writing. The MACD looked to make a comeback above the half-line, but another dip could take place before SNX’s next upswing.

Maker [MKR]

Source: MKR/USD, TradingView

Maker was in the same boat as SNX, but its recovery had already made headway towards its late February levels. On the 4-hour timeframe, the price rose north from the important 50% Fibonacci retracement level, retested this line, and continued its northbound trajectory, at the time of writing.

The OBV was pointing north as buying volumes outmatched selling volume. This was a positive sign as the price approached the 78.6% Fibonacci retracement level. However, the MACD closed in on a bearish crossover, while the histogram noted decreasing momentum. This suggested that the bulls could lose steam before attempting a breakout.

In either case, the market did not seem ready just yet to climb above the $3,105-resistance.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/monero-synthetix-maker-price-analysis-14-april

Investors with tokenized exposure to Coinbase (COIN) shares experienced extreme volatility Tuesday, as the value of their holdings plummeted in a matter of minutes.

The selloff took place on FTX, a leading derivatives exchange, where the COIN-USD stablecoin exchange rate fell from a high above $640 all the way to around $420. Three huge red candles highlighted the selloff, as per a screenshot from Bloomberg podcaster Joe Weisenthal.

Coinbase tokenized shares are crashing on FTX https://t.co/PygqsjSpWQ pic.twitter.com/cl8k5hHEPX

— Joe Weisenthal (@TheStalwart) April 14, 2021

At the time of writing, tokenized Coinbase shares were valued at $445 on FTX. Despite the extreme volatility, the tokenized shares were valued considerably higher than COIN’s reference price of $250 from Nasdaq ahead of the direct listing.

As Cointelegraph recently reported, FTX joined Binance in listing Coinbase stock tokens on Tuesday ahead of COIN’s Nasdaq debut. Described as a “pre-IPO contract,” the FTX listing “tracks Coinbase’s market cap divided by 261,300,000.”

The exchange explained:

“CBSE balances will convert into the equivalent amount of Coinbase Fractional Stock tokens at the end of Coinbase’s first public trading day.”

Tokenized stocks are synthetic versions of real equities. On FTX, tokenized stocks serve as spot tokens that can also be used as collateral for futures trading.

The Coinbase public offering, which has come by way of direct listing as opposed to an IPO, has been described as a “watershed” moment by the cryptocurrency community. The listing gives traditional investors direct exposure to the cryptocurrency market without owning digital assets, which are considered much more volatile than stocks.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/coinbase-tokenized-shares-seem-to-be-in-free-fall-on-ftx