Coinbase Global Inc. (NASDAQ:COIN) shares were moving lower Tuesday, falling lower alongside the crypto market.
Many popular cryptos are seeing 5%-10% drops, including Ethereum (CRYPTO: ETH) and Bitcoin (CRYPTO: BTC).
Coinbase was down 4.01% at $267.26 at last check.
Coinbase Daily Chart Analysis
- The stock looks like it’s beginning to be pinched between a higher low trendline and a resistance line in what traders call an ascending triangle pattern.
- The $300 price level has held as resistance multiple times in the past and may continue to act as resistance in the future. The higher low trendline is a place the stock has held as support and may do so again in the future.
- The stock is trading above the 50-day moving average (green), showing the recent sentiment has been bullish.
- This moving average may hold as a possible area of support in the future.
- The Relative Strength Index (RSI) has been climbing higher in recent weeks and now sits at 57. This shows the stock has seen an increase in buying pressure and that there are more buyers than sellers in the stock.
What’s Next For Coinbase?
Bullish traders are looking to see the stock be able to stay above the higher low trendline until the price crosses above resistance. If the stock can break past resistance, then bulls would like to see a move higher and a period of consolidation.
Bearish traders would like to see the stock fall below the higher low trendline and be able to hold below it. Bears also want to see the stock cross below the moving average. If these things were to occur, the stock may see a change in trend and sentiment.
