Coinbase Global Inc. (NASDAQ:COIN) shares are trading lower Friday and are attempting to make a reversal after reporting earnings Thursday after hours. The stock had a large gap lower Thursday, but was able to recover and trade higher
Coinbase is trading down 1.77% at $176.38 at press time.
See Also: Coinbase Expects Ethereum Staking Yields To Hit 12% APR After The Merge
Coinbase Daily Chart Analysis
- The stock has fallen out of what traders call an ascending triangle pattern, and is looking to reverse and recover the pattern. The price broke below the higher low trendline and has been falling lower ever since.
- The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) is seeing a bounce from January’s lows and sits at 39. This shows that over the past few weeks, the stock has seen more buyers enter the market although there still remain more sellers overall.
What’s Next For Coinbase?
The stock has been on a downward trend and could see a reversal if it begins to form higher lows once again. If unable to break the trend of lower highs, the stock may continue to trade lower on the downward trend.
Bullish traders want to see the stock begin to form higher lows and cross back above the moving averages as well as the higher low trendline. Bearish traders look to be in control of the stock as it sits and would like to continue to see it trade with lower highs.
