Coinbase Up 300% In A Year, But Faces Bearish Technicals Ahead Of Q1 Earnings
Portfolio Pulse from Surbhi Jain
Coinbase Global Inc (NASDAQ:COIN) is set to report its Q1 earnings with expectations of $1.00 EPS and $1.34 billion in revenues. Despite a 300% stock increase over the past year, technical indicators suggest a bearish trend ahead of the earnings report. The stock is trading below key moving averages and has a bearish MACD indicator, although it remains above the 200-day SMA. Analysts have a consensus Buy rating on COIN with a price target suggesting a 34% upside.
May 01, 2024 | 3:59 pm
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Coinbase Global Inc faces bearish technical signals ahead of its Q1 earnings, despite a significant yearly stock price increase and bullish analyst ratings.
The bearish technical indicators such as trading below key moving averages and a negative MACD suggest a potential short-term price decline for COIN. However, the bullish analyst ratings and the potential for a trend reversal if the RSI enters the oversold zone could mitigate some of the negative impacts. The stock's performance is closely tied to the upcoming earnings report and the broader crypto market trends.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100