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- 1 Coinbase stock price decreased by -10.81% over the past seven days.
- 2 Coinbase stock price is currently trading at $73.19 with a drop of -3.14% in the last 24 hours with a current market cap of $17.371 Billion.
- 3 Sellers have gained momentum and looked aggressive in the past trading sessions.
Coinbase (COIN) stock reached a high of $114.74 but could not maintain it and started to fall, resuming the downtrend that shows further weakness in the market. According to the current situation, the market is trading below the dynamic support trendline which can further lead to lower levels. The market is also in a downtrend based upon a larger time frame as it is making lower lows.
Coinbase has been declining from its high levels and making lower-low structures. It is currently in a downtrend after breaking below the 20-day and 200-day moving average. If COIN cannot stop the bearish pressure, it may form a new lower-low pattern shortly and prolong the downtrend.
The current scenario requires traders and investors to be patient and look for a clear break below or above the range before making any moves and avoid the fear of missing out to minimize losses.
Coinbase stock price fell -10.81% last week; it declined by -33.01% throughout the month. Additionally, the COIN share price has slipped by approximately 100.50% year to date.
Furthermore, COIN shares experienced a rise of roughly 12.70% within the past six months and a decrease of -3.70% over the past year. These trends collectively indicate the challenges faced by Coinbase shares in their recovery efforts throughout the year.
Technical Analysis of Coinbase Stock Price in 1-D Timeframe
On the daily charts, Coinbase stock shows sellers’ dominance and slipped below neutrality, showing a negative outlook on the charts. Moreover, the price dropped below the 50.00 Fib level, heading toward the 61.80% Fib level and near the lower Bollinger band.
The price of Coinbase is currently at a crossroads. It could go up to $101.00 and $114.74 if it can maintain the current level. However, if the price cannot maintain this level and falls, it might hit the closest support levels of $73.00 and $47.00.
At the moment, Coinbase stock (NASDAQ: COIN) is trading below the 50 and 200-day EMAs (exponential moving averages), which are not supporting the price trend. If bulls want to make a comeback, they will have to rise and sustain the price above the 50-day EMA. However, the sellers seem to be more aggressive as compared to buyers.
The price of the COIN is currently trading near the support levels. If selling pressure increases, the price could break through these levels and move lower. This would be a bearish signal, as it would suggest that the trend is reversing.
The current value of RSI is 33.17 points. The 14 SMA is above the median line at 44.43 points which indicates that the Coinbase stock is bearish.
The MACD line at -2.65 and the signal line at -2.56 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the COIN stock price.
Summary
Coinbase stock price prediction suggests a mild bearish in the chart. The sellers are dominating on the higher levels. Coinbase (NASDAQ: COIN) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the COIN stock price.
Coinbase price action suggests that the investors and traders are bearish on the 1-D time frame. The technical analysis suggests that the Coinbase stock price is in a bearish grip and the probability of testing the previous highs in the coming months remains low.
Technical Levels
- Support Levels: $73.00 and $47.00
- Resistance Levels: $101.00 and $114.74
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
