Coinbase Global Stock Price Declines 17.6%; Bitcoin, Ethereum Crack after Crypto Summit Disappointment
Coinbase Global (COIN) stock price was down by 17.6 percent as cryptocurrencies were facing major selling pressure in today's session. Bitcoin and Ethereum dropped during the weekend and Monday saw Bitcoin dropping below $80,000 during early hours. However, as the day progressed, Bitcoin touched a low at $77,443 while Ethereum touched 17 month lows during today's trade. Ethereum touched the multiple-month low at $1,809. Coinbase Global stock dropped nearly 20 percent during the session but recovered slightly towards the end of the trade. Coinbase has lost 36 percent over the last one month. Bitcoin price is also down from $100,000 to less than $80,000 at the time of publication of this report.
Overview of Coinbase Global Inc. (COIN)
Coinbase Global Inc. (NASDAQ: COIN), a leading cryptocurrency exchange, has experienced significant fluctuations in its stock performance, reflecting the volatile nature of the digital asset market. As of March 10, 2025, COIN's stock opened at $204.65, reached a high of $207.00, and dipped to a low of $177.03, closing at $179.23. The company's market capitalization stands at approximately $44.87 billion, with a price-to-earnings (P/E) ratio of 18.91. Over the past 52 weeks, the stock has traded between a high of $349.75 and a low of $146.14.
Technical Analysis: Candlestick Patterns
Coinbase stock is mainly driven by the trends in cryptocurrency markets. Cryptocurrencies are highly volatile and this leads to volatility in Coinbase stock as well. Recent candlestick patterns indicate a bearish sentiment in the short term. A Dark Cloud Cover pattern appeared on March 9, 2025, signaling a potential reversal from bullish to bearish momentum. This pattern occurs when a red candlestick opens above the previous green candlestick’s close but closes below its midpoint, indicating increased selling pressure. Traders should closely monitor the next few sessions for confirmation of this trend.
Fibonacci Retracement Levels
Applying Fibonacci retracement to COIN's recent price action:
| Retracement Level | Price (USD) |
|---|---|
| 0% (Low) | $146.14 |
| 23.6% Retracement | $196.87 |
| 38.2% Retracement | $221.54 |
| 50.0% Retracement | $247.95 |
| 61.8% Retracement | $274.36 |
| 100% (High) | $349.75 |
The stock recently breached the 23.6% retracement level, indicating potential further downside toward the 0% level. Conversely, reclaiming the 23.6% level could signal a reversal toward higher retracement targets.
Support and Resistance Levels
Key support and resistance levels are identified as follows:
| Level | Price (USD) |
|---|---|
| First Support (S1) | $209.25 |
| Second Support (S2) | $204.32 |
| Third Support (S3) | $195.65 |
| First Resistance (R1) | $222.85 |
| Second Resistance (R2) | $231.52 |
| Third Resistance (R3) | $236.45 |
The stock's current price near $179.23 is below key support levels, indicating potential bearish momentum. Monitoring these levels can provide insights into future price movements.
Conclusion
Coinbase Global Inc. remains a dominant player in the cryptocurrency exchange landscape. While technical indicators suggest short-term bearish trends, the company's fundamentals and market position offer potential for recovery. Investors should consider both technical signals and broader market dynamics when evaluating COIN’s stock performance.
