Coinbase stock price has sunk into a technical bear market in the past few months as sentiment in the crypto industry waned. It was trading at $250 on Tuesday, down sharply from the July high of $444. The daily timeframe chart shows the stock has crashed alongside peers like Circle and Bakkt, breaking below the $292 support level. It has formed a death cross with the 50-day and 200-day EMAs and moved below the Supertrend indicator, suggesting bears are in control for now.
Worse, the last similar pattern in December 2024 preceded a 45% drop, implying further downside toward $225 and potentially $200 if that level gives way. The stock faces major headwinds from valuation and rising competition, with a forward P/E around 33—well above the sector median and the S&P 500 average—and rivals like SoFi, Charles Schwab, and Vanguard expanding into the space. Analysts expect earnings weakness, with revenue seen down about 15.5% to $1.92 billion and next-quarter revenue around $1.96 billion, down 4.38% year over year. Yet MarketBeat data shows a consensus target around $377, roughly 50% above current levels, indicating a possible rebound over time.
On the upside, Coinbase recently launched a predictions market via Kalshi and is expanding into stock-market trading through tokenization, which could serve as catalysts. The company also benefits from a growing suite of products, including its stablecoin, custody, staking, and a subscription service, which posted $746 million in the third quarter alongside $1.04 billion in transaction revenue.
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