Coinbase Up 300% In A Year, But Faces Bearish Technicals Ahead Of Q1 Earnings
Benzinga
Published May 01, 2024 16:59
Updated May 01, 2024 18:11
Coinbase Up 300% In A Year, But Faces Bearish Technicals Ahead Of Q1 Earnings
Benzinga - by Surbhi Jain, .
Coinbase Global Inc (NASDAQ:COIN), will be reporting its first-quarter earnings on Thursday. Wall Street expects $1.00 in EPS and $1.34 billion in revenues as the company reports after market hours.
The stock has gained over 300% in the past year, riding with the crypto boom. The stock’s surge compares favorably to Bitcoin’s price, which rose by 103.13% over the past year. YTD, shares have returned 17.13%, lagging behind Bitcoin’s 30% stride.
Let’s look at what the charts indicate for Coinbase stock, and how the stock currently maps against Wall Street estimates.
Coinbase Stock’s Bearish Signals Ahead Of Q1 Earnings /h2 Charts indicate that the current trend for Coinbase stock is relatively bearish.
Chart: Benzinga Pro
Its share price at $203.40, is trading below key moving averages. The 5-day exponential moving average (EMA) at $213.25, the 20-day EMA at $226.46, and 50-day EMA at $219.61, indicate selling pressure and a risk of future bearish movement.
Coinbase stock is also trading below the 8-day and 50-day simple moving averages (SMA), all of which suggest a bearish momentum. However, the stock is above the 200-day SMA of $137.69, indicating a bullish signal.
Chart: Benzinga Pro
The Moving Average Convergence Divergence (MACD) indicator is -6.11, suggesting a strongly bearish sentiment. The Relative Strength Index (RSI) of 40.64 is in the Neutral zone. However, since March, the RSI has been heading lower, so it could enter the oversold (
The Bollinger Bands have Coinbase stock trading in their lower band – indicating trader bearishness dominating the stock.
Overall, the technical indicators suggest a bearish trend for Coinbase stock, but with potential trend reversal opportunities once the RSI enters the oversold zone.
Also Read: What the Options Market Tells Us About Coinbase Glb
Coinbase Stock Analysts See 34% Upside/h2 Ratings & Consensus Estimates: The consensus analyst rating on Coinbase stock stands at a Buy with a price target of $169.08. However, the latest analyst ratings for Coinbase stock from HC Wainwright & Co., Bernstein, and Compass Point, received in April, point toward a greener picture. These analysts have an average price target of $275, suggesting a potential upside of 34.02% for Coinbase stock.
COIN Price Action: Shares of Coinbase are down 1.34% to $201.20 at the time of publication Wednesday.
Read Next: Coinbase Global To Rally Around 27%? Here Are 10 Top Analyst Forecasts For Monday
Photo: Shutterstock
Latest Ratings for COIN
| Mar 2022 | Goldman Sachs | Maintains | Buy | |
| Feb 2022 | Compass Point | Maintains | Neutral | |
| Feb 2022 | Canaccord Genuity | Maintains | Buy |
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