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

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

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

View the Latest Analyst Ratings

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga