After briefly topping a market cap of >$100 Billion on opening day, shares in Coinbase Global Inc. continued the descent on Friday, the 5th straight daily decline.
COIN shares finished the day at $291.60, a decline of $1.85 per share (-0.63%).
The highly anticipated public listing debuted on the New York Stock Exchange (NYSE) to much fanfare on the 14th of April. It was one of the more event-filled first days of trading the market had seen for some time. As trading commenced, the first deal shares changed hands at $388.98 per share.
In a flurry of buying excitement, the Coinbase price soon broke out to the upside, hurdling $400 per share before hitting an Intraday high of $428.93. Sadly for bulls, the momentum faded only to reverse lower, finishing the opening day -15.6% lower. This was some $60 below the opening print.
What now for the Coinbase price?
Given the lack of historical data, it’s tricky in predicting whether the stock is now a good long-term buy after the recent decline. The simple fact is we don’t have enough to go on to make an informed trading decision.
The hourly chart shows a clear descending trend channel which suggests the Coinbase price may continue to lose value. Resistance should be seen at the upper band of this channel at $311, with support towards the lower band at $275.
The negative outlook becomes defunct on a close above the upper band. A close above this level could see an extension to $326 per share. A continuation of a bullish break-out targets the $445 high of April the 16th.
Coinbase Price chart
Awarded and global FX/CFD broker. Well-regulated in multiple jurisdictions. Offers great spreads and liquidity for FX, Indices, and Commodities trading.
Cryptocurrency exchange with over 150 coins. As of Jan 18, Binance was the world's largest cryptocurrency exchange per volume.