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  1. Home
  2. / Investing
  3. / Stocks

Coinbase Is Starting to Look More Like Chump Change

The crypto market looks like it may be headed for hard times.
By BRUCE KAMICH
Jan 21, 2022 | 03:40 PM EST
Stocks quotes in this article: COIN

Coinbase Global ( COIN) went public amid a lot of fanfare and interest in cryptocurrencies and trading. The stock price declined almost instantly and sank quickly from the first day of trading. Prices managed to hold the $210 level a number of times. Until Friday. 
 
In our review on November 10, we wrote that "I assume and hope that traders nailed down some or all their profits around $339 - our price target. COIN looks like it will pull back further, maybe to the $275 area. Stand aside for now."
 
Let's check again as prices have broken below the $210 level. 
 
In this daily bar chart of COIN, below, we see a bearish picture - prices gapped lower and made a new low. The slope of the 50-day average line is bearish. The On-Balance-Volume (OBV) line is pointed down and the Moving Average Convergence Divergence (MACD) oscillator is bearish. 
 
 
In this weekly Japanese candlestick chart of COIN, below, we do not see any bottoming price action or the start of a reversal pattern. 
 
 
 
In this daily Point and Figure chart of COIN, below, we can see a potential downside price target of $143. 
 
 
In this weekly Point and Figure chart of COIN, below, we see a $94 price objective. 
 
 
Bottom line strategy: The charts above suggest that the crypto market is going to fall on hard times. Avoid COIN. 
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TAGS: Bitcoin | Investing | Markets | Stocks | Technical Analysis | Trading | Financial Services | Brokerages | Cryptocurrency

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