Coinbase tries to vent off oversold saturation - Analysis - 14-11-2022

Coinbase's stock (COIN) rose in the last session as the stock's valuation was asserted by Paper Sandler, describing it as a stock in good position to face the long crypto winter, with the stock rallying 12.84% in the last session, or 6.54 points, settling at 57.46, with trading volumes surpassing 30.5 million shares, above 10-day averages of 24.3 million shares.

Technically, the stock is trying to recoup some recent losses, while also venting off oversold saturation in the RSI, amid the dominance of the downward short-term trend, while hurt by piercing the upward correctional trend line recently, with negative pressure from the 50-day SMA.

Therefore we expect the stock to return lower, targeting the pivotal support of 40.83, provided the resistance of 64.10 holds on.

Expected trend for today: Bearish