Coinbase Up 300% In A Year, But Faces Bearish Technicals Ahead Of Q1 Earnings

Coinbase Global Inc COIN, will be reporting its first-quarter earnings on Thursday. Wall Street expects $1.00 in EPS and $1.34 billion in revenues as the company reports after market hours.

The stock has gained over 300% in the past year, riding with the crypto boom. The stock’s surge compares favorably to Bitcoin’s price, which rose by 103.13% over the past year. YTD, shares have returned 17.13%, lagging behind Bitcoin’s 30% stride.

Let’s look at what the charts indicate for Coinbase stock, and how the stock currently maps against Wall Street estimates.

Coinbase Stock’s Bearish Signals Ahead Of Q1 Earnings 

Charts indicate that the current trend for Coinbase stock is relatively bearish.

Chart: Benzinga Pro

Its share price at $203.40, is trading below key moving averages. The 5-day exponential moving average (EMA) at $213.25, the 20-day EMA at $226.46, and 50-day EMA at $219.61, indicate selling pressure and a risk of future bearish movement.

Coinbase stock is also trading below the 8-day and 50-day simple moving averages (SMA), all of which suggest a bearish momentum. However, the stock is above the 200-day SMA of $137.69, indicating a bullish signal.

Chart: Benzinga Pro

The Moving Average Convergence Divergence (MACD) indicator is -6.11, suggesting a strongly bearish sentiment. The Relative Strength Index (RSI) of 40.64 is in the Neutral zone. However, since March, the RSI has been heading lower, so it could enter the oversold (<30) zone in the near-term. That could potentially be bullish for the stock, if supported by other indicators.

The Bollinger Bands have Coinbase stock trading in their lower band – indicating trader bearishness dominating the stock.

Overall, the technical indicators suggest a bearish trend for Coinbase stock, but with potential trend reversal opportunities once the RSI enters the oversold zone.

Also Read: What the Options Market Tells Us About Coinbase Glb

Coinbase Stock Analysts See 34% Upside

Ratings & Consensus Estimates: The consensus analyst rating on Coinbase stock stands at a Buy with a price target of $169.08. However, the latest analyst ratings for Coinbase stock from HC Wainwright & Co., Bernstein, and Compass Point, received in April, point toward a greener picture. These analysts have an average price target of $275, suggesting a potential upside of 34.02% for Coinbase stock.

COIN Price Action: Shares of Coinbase are down 1.34% to $201.20 at the time of publication Wednesday.

Read Next: Coinbase Global To Rally Around 27%? Here Are 10 Top Analyst Forecasts For Monday

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