Coinbase Global, Inc. (COIN) stock price declined in the latest intraday session, breaking below the key support level at $231.50. This move occurs amid the dominance of a short-term corrective downward trend, with price action moving along a supportive minor trend line and continued negative pressure from trading below its SMA50. In addition, negative signals persist from the RSI after it reached extremely overbought levels. Therefore, the forecast remains bearish with the next downside target near $193.35 as long as the price stays below $231.50.
Coinbase Global, Inc. (COIN) shares declined in the latest intraday session after breaking below the key support at $231.50. The move comes as price action remains in a short-term corrective downtrend, trading along a minor trend line and below its SMA50. RSI remains negative after reaching overbought levels, reinforcing the bearish bias.
With the downside momentum intact, the forecast points to a next target near $193.35 as long as the price stays below $231.50. The bearish setup is driven by continued selling pressure and negative momentum indicators. A break below the minor trend line would add confirmation to the downtrend.
Traders should monitor for a potential reversal signal if the price rises above $231.50, which could alter the outlook. Until then, the path of least resistance favors a test of the next support.
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