Coinbase -2.0% Tests $244 Support Amid Crypto Consolidation
$Coinbase Global, Inc.(COIN)$
Coinbase Global Inc.(COIN) Drops -2.04%: Crypto Exchange Giant Tests Support as Bitcoin Rally Stalls, $244 Pivot Critical
Latest Close Data
COIN closed at $239.20 on December 19th (ET), down -2.04% (-$4.99), trading 46.2% below its 52-week high of $444.64. Volume reached 9.29M shares with 1.10x volume ratio.
Core Market Drivers
Coinbase faced selling pressure amid broader crypto market consolidation and profit-taking following recent gains.
Capital outflows totaled $55M with institutional selling pressure evident across large-cap positions.
Bitcoin's stabilization around $100K levels reduced speculative trading volumes on the platform.
Technical Analysis
Volume of 9.29M shares (1.10x ratio) shows moderate activity.
RSI(6) at 21.04 signals oversold conditions, while RSI(12) at 32.11 approaches oversold territory.
MACD shows bearish divergence with DIF at -12.12 and DEA at -11.43, though the negative spread is narrowing.
KDJ indicators show extreme oversold at K=14.45, D=30.98.
Key Price Levels
Primary Support: $244.17 (December 17th pivot)
Strong Resistance: $274.17 (prior resistance level)
Immediate Pivot: $239.10 (today's low)
Valuation Perspective
Current P/E TTM of 20.83x appears reasonable for a fintech leader, while P/S ratio of 8.75x reflects premium valuation.
Forward P/E of 30.69x suggests growth expectations remain intact despite recent pullback.
Analyst Targets
31 analysts maintain average target of $376.87 (57.6% upside). Strong institutional backing: 8 Strong Buy, 16 Buy, 13 Hold, 1 Sell rating distribution signals continued confidence.
Weekly Outlook
Expect consolidation within $235-$255 range as oversold conditions attract buyers.
Break above $255 resistance could target $270-$280 zone, while failure to hold $240 support may test $220-$225 levels.
Risk Disclaimer
This analysis is for informational purposes only and not investment advice. Crypto-related stocks carry high volatility risks. Past performance doesn't guarantee future results.
For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.
🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now
Find out more here.
Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.
Other helpful links:
💰Join the TB Contra Telegram Group to Get $10 Trading Vouchers Now🎉
How to open a CBA. How to link your CDP account. Other FAQs on CBA. Cash Boost Account Website.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
