Coinbase Global extends losses - Analysis - 09-11-2022

Coinbase's stock (COIN) kept falling in the intraday levels, with the crypto company's stock declining amid concerns about Binance acquiring FTX, which hurt sentiment, in turn sending the stock down 10.78%, or 6.14 points, and settling at 50.83, with trading volumes surpassing 61.8 million shares, above 10-day averages of 16.7 million shares. 

Technically, the main downward trend dominates in the medium term, with the stock hurt by piercing the upward correctional trend line recently in the short term, with negative pressure from the 50-day SMA.

Therefore we expect more losses for the stock, targeting the pivotal support of 40.80, provided the resistance of 64.00 holds on.

Expected trend for today: Bearish