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- Brian Armstrong has recently sold 29732 shares. He has also said that the full contagion effect of FTX is still to show.
- The asset price is currently trading near the value of $48. Technical indicators are favoring a strong upside momentum.
The Crypto market has seen a strong fall due to the FTX collapse. Coinbase has also seen a decline in average transactions. Coinbase CEO has recently sold approximately $1.6 Million worth of share price. Brian Arm Strong has said that the full contagion effect of the FTX collapse is yet to be shown. The collapse has generated fears about the future of the crypto industry after FTX outlined a “severe liquidity crisis.” Since then, regulators have opened investigations, and lawmakers have called for clearer rules on how the industry operates, which can affect the crypto market.
Various analysts predict a share gain in the Coinbase crypto market due to the FTX collapse. Meanwhile, Coinbase has seen a strong job cut second time this year.
Bulls Of Coinbase Are Ready For A Next Push
The weekly technical chart of Coinbase suggests a downside trend in price. On coming to the daily chart, the asset price is trading near the value of $48 and has seen a decline of 0.08% in the intraday session. The asset price currently trades below the 50 and 100 Daily Moving Averages. A strong upside momentum can be observed if it jumps above the 50 DMA. Resistance of Coinbase can be seen near $72. Meanwhile, the support of the price can be seen near $36.
RSI: RSI of the asset price is currently near 39, highlighting its presence near the oversold zone. A negative slope formed in the RSI suggests a downside trend.
Conclusion
The Crypto market has taken a severe hit due to the collapse of FTX. Coinbase has also seen a slight decline in average transactions. Coinbase’s share price can also see strong momentum in the future.
Technical Levels
Major Support:$36
Major Resistance: $52
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
