Coinbase Stock Forecast
Coinbase stock price took a fall of -9.43% on Thursday
(Updated on May 16, 2024)
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Coinbase stock with a 90% probability to be traded between $166.17 and $283.57 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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COIN Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Coinbase stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $206.32 and $227.61. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 25, 2024, and so far it has fallen -28.79%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Coinbase stock
Coinbase finds support from accumulated volume at $193.94 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $17.80 between high and low, or 8.96%. For the last week, the stock has had daily average volatility of 6.69%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (COIN) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect Coinbase Global, Inc. to open at $204.75, and during the day (based on 14 day Average True Range), to move between $183.28 and $215.06, which gives a possible trading interval of +/-$15.89 (+/-7.98%) up or down from last closing price. If Coinbase Global, Inc. takes out the full calculated possible swing range there will be an estimated 15.96% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $200.80 (0.82%) than the support at $193.94 (2.63%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Coinbase Global, Inc. stock A Buy?
Coinbase holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.020 Strong Sell Candidate Downgraded
Predicted Opening Price for Coinbase Global, Inc. of Friday, May 17, 2024
Fair opening price May 17, 2024 | Current price |
---|---|
$204.75 ( 2.80%) | $199.17 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for COIN
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 222.55 | 11.74 % | |
R2 | 215.75 | 8.32 % | ||
R1 | 211.55 | 6.22 % | ||
Current price: | 199.17 | |||
Support | S1 | 197.95 | -0.612 % | |
S2 | 193.75 | -2.72 % | ||
S3 | 186.95 | -6.14 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 229.15 | 15.05 % | |
R2 | 216.77 | 8.84 % | ||
R1 | 200.80 | 0.82 % | ||
Current price | 199.17 | |||
Support | S1 | 193.94 | -2.63% | |
S2 | 173.30 | -12.99% | ||
S3 | 162.41 | -18.46% |
FAQ
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