Coinbase readies to pierce pivotal support - Analysis - 15-06-2022

Coinbase Global's stock (COIN) fell in the intraday levels after announcing a plan to let go of 18% of employees, less than two weeks after freezing hiring, with the stock dipping 0.83%, or 43 cents, and settling at $51.58, with trading volumes surpassing 17.4 million shares, above 10-day averages of 12.4 million shares. 

Th main downward trend dominates in the short term, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI, with the stock approaching the pivotal support of 40.83. 

Therefore we expect more losses for the stock, targeting the pivotal support of 40.83. 

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Expected trend for today: Bearish