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- 1 COIN stock reverted from the round mark of $100 and was rejected.
- 2 Buyers are attempting to surpass $100 but cannot sustain there.
Coinbase Global (COIN stock) price fell from the round mark of $100, indicating sellers’ strong grip on the level. Buyers failed to escape the level which led to a rejection in the last session.
However, it took support on 20-day EMA and paused. A further bounce can be anticipated if buyers recover their strength. Moreover, the price is trading in a strong uptrend and making higher highs from the past sessions.
Recently, COIN stock escaped the neckline of $85, showing a breakout that led to an increase in momentum. The price retested the highs of $115 but faced rejection in the form of an inverted hammer candlestick. Afterward, follow-on selling arose, and the price retraced toward the support of $100.
Moreover, intense selling led to the price slipping below the round mark and falling toward the 20-day EMA. If further selling arises, then stock would head toward $85. On the other hand, if a bounce happens, it would rise toward $100 again.
Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy. Users can establish an account directly with the firm instead of using an intermediary, and many choose to allow Coinbase to act as a custodian for their cryptocurrency, giving the company breadth beyond that of a traditional financial exchange.
While the company still generates the majority of its revenue from transaction fees charged to its retail customers, Coinbase uses internal investment and acquisitions to expand into adjacent businesses, such as prime brokerage, data analytics, and collateralized lending.
At press time, COIN stock is trading at $92.69 with an intraday drop of 7.08% showing selling pressure in yesterday’s session. Moreover, the trading volume increased by 1.25% to 12.626 Million, indicating seller activity and short buildup activity. The market cap is $21.747 Billion. However, Analysts maintained a neutral rating.
COIN Stock Shows Selling Pressure on Daily Charts
On the daily charts, COIN stock price showed rejection and retraced towards the 20-day EMA showing sellers’ interaction in the past session. However, the price stayed above neutrality, looking for a bounce to regain strength and hitting the round mark of $100.
COIN stock is now at a make-or-break level, and if the price bounces from there, it again would again rise toward the highs of $100, followed by $115. On the other hand, if it falls further, it will head toward the neckline of $85.
As per the Fib levels, COIN stock stayed above 50% and faced rejection from 61.8% showing selling pressure from the top. Moreover, the price failed to register a breakout near the upper bollinger band and returned toward the mid bollinger band.
Conclusion
Coinbase Global (COIN stock) price showed selling pressure and trading near the 20-day EMA. Moreover, the chart shows buyers looking in trouble due to the rejection and selling faced in the past sessions.
Technical Levels:
Support Levels: $85
Resistance Levels:$100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
