Coinbase amid negative outlook - Analysis - 06-06-2022

Coinbase Global's stock (COIN) fell in the last session after the crypto exchange company froze hiring for the foreseeable future amid bearish forecasts for the sector, with the stock tumbling 9.66%, or 7.13 points, settling at 66.69 points, with trading volumes surpassing 10.2 million shares, below 10-day averages of 13.1 million shares. 

Technically, the stock is suffering pressure from trading below the 50-day SMA, amid the dominance of the main downward short-term trend, with negative pressure from the 50-day SMA. 

Therefore we expect more losses for the stock, targeting the support of 31.79, provided the resistance of 108.55 holds on.

Expected trend for today: Bearish