- Coinbase Global stock price is down by 2.93% in today’s market session.
- The annual profit margin has shown a decline in Coinbase Global Inc.
Coinbase Global, Inc. provides financial and technological services and products. The company was founded in 2012 in California.
Coinbase Global Inc. stock is experiencing a bearish trend. The price is forming lower-lows and since July 2023 the price has been continuously falling.
As per the technical summary widget, the COIN stock is currently showing a sign of weakness. Out of the total 26 indicators, 15 are showing a weak signal and only 3 are bullish for the price. It is a negative signal for the stock.
The income statement of the COIN stock clearly shows that the yearly profit margin percentage of the stock is decreasing along with the net income. The profit margin of the COIN share for the year 2021 was 39.50%, whereas for the year 2022 was -82%. It was the major fall in the earnings.
Coinbase Global Inc. is currently trading in between the channel pattern pattern. The price has reversal from the resistance level of $110 in July 2023 and since then the stock has fallen downward. The probability for the price to decline further is expected in the upcoming days.
Coinbase Global Inc. (COIN) Stock Price Analysis
aa by writer50_tcr on TradingView.com
The stock price of Coinbase Global Inc. (COIN) is currently positioned below the 100-day and 200-day Exponential Moving Averages (EMA) on the weekly chart. That signals a prevalent bearish sentiment in the market with notable selling pressure.
The Relative Strength Index (RSI) indicator currently stands at 27, indicating a downward trend in the market. The price may decline below the 30 level. Additionally, the RSI line below the Simple Moving Average (SMA) line suggests a weakening momentum.
Furthermore, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line, accompanied by a red histogram on the MACD indicator. This configuration points to a robust downward momentum, increasing the likelihood of potential future price decreases.
The trading volume of Coinbase Global Inc. (COIN) stock has experienced a decline, indicating reduced buyer interest. This reduced activity could contribute to a further decline in the stock price.
Conclusion
The analysis shows that the COIN stock is moving in a downtrend momentum. The price has offered a return of -2.9% in the last month. Also, the stock’s earnings are decreasing along with the net income. The indicators are bearish on the stock, and the price has reversed from the resistance level. Hence, the price is likely to decline in the upcoming days.
Technical Levels
- Support – $75
- Resistance – $110
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.