Coinbase Global (COIN) continues to face pressure as weakness in the cryptocurrency market weighs on investor sentiment. Declining cryptocurrency prices have raised concerns about trading activity and transaction-based revenue, while regulatory challenges remain an ongoing headwind. Coinbase’s Irish subsidiary was recently fined approximately $3.65 million for regulatory violations, adding to the company’s compliance concerns. Investors are also looking ahead to Coinbase’s third-quarter earnings report, scheduled for October 29, with expectations for weaker year-over-year revenue. These developments could keep pressure on the stock, particularly if cryptocurrency markets remain volatile.

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From a technical standpoint, COIN is showing a bearish setup, closing Tuesday at $161.09. Shares are trading below the 8-day, 21-day, and 55-day exponential moving averages (EMAs), reflecting continued downward pressure. The Percentage Price Oscillator (PPO) remains below its signal line, with an increasingly negative histogram suggesting bearish momentum is strengthening. The Average Directional Index (ADX) stands at 20.63, while the negative directional indicator (-DI) at 26.20 remains well above the positive directional indicator (+DI) at 12.13, confirming that sellers maintain control. Meanwhile, the Relative Strength Index (RSI) sits at 40.21, leaving additional room for downside before reaching oversold territory. A sustained break below support near $155 could open the door to a move toward $150, followed by $144. Resistance remains near $167–$170. The technical picture favors further weakness, although Thursday’s earnings announcement introduces significant volatility risk for short-term put positions.

Wishing you the best,

Wendy