As shown on the Coinbase Global (COIN) chart, the company’s share price has dropped below $330, marking a 17% decline from this month’s high.
As shown on the Coinbase Global (COIN) chart, the company’s share price has dropped below $330, marking a 17% decline from this month’s high.
Bearish sentiment took hold last Friday after Donald Trump floated the idea of imposing 100% tariffs on Chinese goods:→ Since then, the cryptocurrency market has struggled to find support.→ Today, BTC/USD fell below $106,000 for the first time since early July.
COIN shares look set to extend their sequence of five consecutive bearish daily candles, as broader equity markets remain under pressure amid reports of losses at several regional US banks — a situation that some analysts are already comparing to the Silicon Valley Bank collapse in 2023.
The Coinbase (COIN) price chart provides further important insight.
Technical Analysis of the COIN Chart
From a broader perspective, COIN’s price movements have formed a wide upward channel, with:→ The upper boundary acting as resistance in July;→ The median line providing support through August and September.
Recent price behaviour around key psychological levels is also worth noting:→ $400 – the price reversed from just above this round number in October, forming what appears to be a bear trap or liquidity grab pattern.→ $350 – served as resistance in September and may now regain that role following the sharp reversal from $400.→ $300 – reinforced the channel’s median as a significant area of support.
Given these factors, it can be assumed that bears remain in control of the market. If this imbalance persists, COIN’s share price may:→ In the near term, fall back to the median line, and→ Potentially retest the summer lows around the $290 level.
Published by:
Thomas Wallace