Coinbase prepares to pierce pivotal support - Analysis - 21-11-2022

Coinbase's stock (COIN) fell in the intraday levels after Bank of America cut its stock rating from buy to neutral, noting the FTX crisis and its possible implications for other crypto platforms, with the stock tumbling 7.24% in the last session, or 3.53 points, settling at 45.26, with trading volumes surpassing 20.2 million shares, below 10-day averages of 27.2 million shares.

Technically, the stock suffers negative pressure from the 50-day SMA, amid the dominance of the main downward trend in the medium term, with negative signals from the RSI.

Therefore we expect more losses for the stock, targeting the pivotal support of 40.83, provided the resistance of 64.10 holds on.

Expected trend for today: Bearish