The 12.13% slide in the Coinbase stock on Wednesday appears to have increased the likelihood of bearish Coinbase stock price predictions. The slide in the stock follows the late slump in the crypto market on Wednesday.
The crypto exchanger’s stock has moved in positive correlation with the price of Bitcoin and the general market direction. As the crypto market lazily inched to the upside over the weekend and the first business days of the week, Coinbase stock saw a three-day appreciation that took it off the lows at $60.
However, the resistance at 83.13 proved to be a mountain too hard to climb at the moment, prompting the selloff. The crypto market is still carrying some bearish sentiment. This could leave the Coinbase stock price predictions in bearish territory, and the exchanger continues to struggle for positive fundamental triggers.
In mid-May, the company was forced to announce it would cut down the pace of hiring as it seeks to align its staff numbers with its high-priority business goals. However, Coinbase said any hiring changes would have no material impact on its second-quarter and 2022 fiscal year expense outlook.
Coinbase Stock Price Prediction
The 60.44 support level (24 May low) is the immediate price target for the bears. If the bulls fail to defend this support, the 43.32 price point (12 May low just below the 100% Fibonacci extension level from the 29 March swing high to the 29 April swing low) becomes the new target to the south. Another extension level at 18.62 (127.2% extension) could come into play if further price deterioration occurs.
On the flip side, the bulls must take out 83.13 (9 May low) to target the 100.67 resistance (6 May low). If the price advance continues, the 112.54 and 131.48 resistance levels will provide higher harvest points for the bulls. Otherwise, any rallies may present opportunities for new shorts if the market sentiment remains bearish.