Coinbase Global Stock News and Forecast: Is COIN going to fall on Friday?

  • COIN stock closes higher on Thursday as stock markets bounce back.
  • Bitcoin is staying strong and is trading just under $55,000.
  • COIN has broken out of the downtrend and targets $300.

Thursday was a recovery day for global stock markets as numerous fears over Evergrande, interest rates and the US debt ceiling were put to one side. Retail interest stocks had suffered for the last number of sessions, and these also bounced back on Thursday. Crypto stocks are a hybrid with strong retail interest, but are also obviously closely linked to the performance of cryptocurrencies, and Bitcoin in particular. COIN has begun to generate some interest as Bitcoin has been strong. First, the cryptocurrency leader broke $50,000, and then it broke $55,000. It has not held the $55,000 level but has stabilized just below. 

Usually, after a strong move, a period of consolidation is expected, which allows traders to accept the new higher price and prepare for more gains. All we want to see is for Bitcoin to consolidate, not fall back lower. Holding above $52,000 to $53,000 will create a bullish continuation pattern.

Coinbase (COIN) stock news

The recent surge in Bitcoin is due to Federal Reserve Chairman Jerome Powell saying there were no plans to ban it, which relieved some investors' fears as China has been cracking down heavily on cryptocurrencies. This set Bitcoin up to break above $50,000 and push on. 

Market Cap $50.6 billion
Enterprise Value $50.4 billion
Price/Earnings (P/E) 22


Price/Sales 36
Gross Margin 87%
Net Margin 44%
EBITDA $2.34 billion
52 week high $ 429.54
52 week low $208
Short Interest 2.1%
Average Wall Street rating and price target

Buy $377.35


Coinbase (COIN) stock forecast

Thursday's modest move higher marks three up days in a row for COIN stock, a nice change from recent trends. This has turned the stock bullish in our view. On Tuesday we said COIN will be bullish if it breaks $245.80 and this is duly what transpired on COIN stock, but we wanted confirmation of the move from the Relative Strength Index (RSI) and a crossover from the Moving Average Convergence Divergence (MACD) to confirm this. Both have since worked, and now COIN stock is targetting the post-earnings high of $294. 

COIN shares have broken above a strong resistance zone with the 9, 21 and 100-day moving averages all converging at $240 to $242. The RSI is above 50, the MACD has crossed over, and above $265 there is a volume profile drop, meaning more gains could be easy to sustain.

FXStreet View: Bullish above $242.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD climbs above 1.1250 as investors eye coronavirus headlines

EUR/USD preserved its recovery momentum early Friday and rose above 1.1250 during the European trading hours. Markets are doubting the Fed's policy tightening prospects as the new coronavirus variant revives concerns over the economic recovery losing steam.


GBP/USD rebounds toward mid-1.3300s on broad dollar weakness

GBP/USD reversed its direction after dipping below 1.3300 earlier in the day and started to push higher toward 1.3350. The greenback is facing heavy selling pressure amid the sharp decline witnessed in the 10-year US Treasury bond yield.


Gold clings to strong gains above $1,800 as US T-bond yields plunge Premium

Gold staged a decisive rebound on Friday and reclaimed $1,800. The intense flight to safety is causing US Treasury bond yields to fall sharply and fueling XAU/USD's rally. Investors await news on vaccines' effectiveness against the new COVID variant.

Gold News

Cardano could tank to $1 if ADA fails to defend crucial support

Cardano price is currently hovering below a freshly shattered 6-hour demand zone, ranging from $1.68 to $1.79. This resulting crash could extend to the immediate and critical foothold at $1.40. 

Read more

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!