It was February of last year when we took a look at Coinbase’s stock, COIN.
The stock was trending down below its best respected moving average resistance lines, and on the date of our post it carried a price tag of $189.16.
Today the stock trades at $55.16 – and still below its best respected moving average resistance lines:
The weekly candle formed last week started respecting both a body and a wick support lines: the 19-week EMA (body) and the 12-week EMA (wick).
COIN closed the last weekly session merely 5 cents below its 21-week EMA body resistance line ($55.21). It will have 2 chances next week to break above this line: the opening trade and the closing trade of the upcoming weekly session.
The wick resistance line, the 29-week EMA, is hovering above at $64.57, 17% above the current price.
We’ll be monitoring COIN’s price action around these resistance lines and around the newly formed support lines.
Stay tuned.