· Coinbase Global stock price is at $70.52, with a decline of 1.71% in today’s market session.
· Coinbase Global Inc. technical summary gives a selling signal.
Coinbase Global (NASDAQ: COIN), a prominent player in the cryptocurrency exchange industry, offers a platform for buying, selling, and trading various cryptocurrencies. The company has gained significant attention as cryptocurrencies have surged in popularity
Coinbase Global Inc. stock is experiencing a bearish trend. The price is forming a pattern of lower lows, and the stock has given negative returns in the previous years.
The current trading status of COIN stock indicates that it is valued at $70.52, with a decline of 1.72% in today’s market session. The stock has a share float of 174.7 Million, and its average trading volume, as depicted in weekly charts, is declining.
Analyzing the technical summary, it’s evident that COIN stock is currently exhibiting signs of weakness. Among the 26 indicators, 15 are signaling weakness, while only three display a bullish outlook for the price. This collection of indicators points toward a negative outlook for the stock.
Coinbase Global, Inc. has experienced a substantial decrease of over 93% since reaching its peak in April 2021. Presently, it is trading within a channel pattern. Notably, the price retraced from the resistance level at $110 in July 2023, and since then, it has been on a downward trajectory. This suggests a likelihood of further price decline in the days ahead.
Coinbase Global Inc. (COIN) Stock Price Analysis
COIN by writer50_tcr on TradingView.com
The current status of Coinbase Global, Inc. (COIN) stock reveals that it trades below the 100-day and 200-day EMAs on the weekly chart, indicating a prevailing bearish sentiment in the market accompanied by significant selling pressure.
The RSI indicator currently stands at 46, suggesting a downward trend in the market. There’s potential for the RSI to drop below the 30 level. Furthermore, the RSI line below the simple moving average (SMA) line implies weakening momentum.
Additionally, the MACD line and the signal line are positioned below the zero line, with a red histogram visible on the MACD indicator. This configuration points to a downward momentum, increasing the chances of possible future price declines.
Conclusion
The analysis indicates that COIN stock price is currently in a downward trend. Additionally, the company’s earnings and net income are declining. The stock’s indicators display bearish signals, which have recently reversed course from a resistance level. Thus, a price decrease is likely in the days ahead.
Technical Levels
· Support – $64
· Resistance – $85
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.
