With shares down 46% after a rough past three months, Coinbase Global (COIN) is once again testing the resolve of investors. While COIN stock reached an all-time high of more than $444 within the last year, shares are now trading as low as the $179 mark. This decline has been due to a sharp drop in crypto prices as well as the overall risk-off environment for high-beta assets.
As a result, COIN stock is in an extremely oversold position, as the Relative Strength Index has fallen to nearly 21. While it is always difficult to catch a falling knife, the 60-month beta of 3.7 also indicates a high level of risk. However, looking at the business fundamentals of the company, the picture appears far more robust than Coinbase's stock price indicates.
