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Coinbase’s Stock Price Dips as Bitcoin and Others Underperform Again

By:
Hassan Maishera
Published: Dec 28, 2021, 21:35 UTC

The shares of cryptocurrency exchange Coinbase are down by more than 6% over the past few hours as BTC, and other cryptos underperform.

COIN

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The cryptocurrency market has been underperforming over the past few weeks but managed to turn things around earlier this week. However, that didn’t last, with most cryptocurrencies currently performing poorly again.

COIN Losses More Than 6% of its Value

The shares of Coinbase are down by more than 6% over the past few hours as the cryptocurrency market underperformed. COIN closed the day, trading around $261 per share, down by 6.75% in the past few hours.

The decline in COIN’s price is due to the cryptocurrency market currently underperforming. Coinbase is one of the leading cryptocurrency exchanges in the world, and the performance of the crypto market sometimes affects its stock price.

Bitcoin and the other major cryptocurrencies have been performing poorly over the past few hours. BTC has lost more than 6% of its value in the last 24 hours and is currently trading below $48k per coin. The drop comes following Bitcoin’s good performance in recent days that saw it rally past the $51k resistance level.

Ether, the second-largest cryptocurrency by market cap, has also lost more than 6% of its value in the past 24 hours and is trading below the $4k mark. ETH’s current value is down by nearly 30% from the all-time high of $4,600 it achieved nearly seven weeks ago.

COIN Could Dip Further

The shares of Coinbase could record further losses if the market momentum is maintained. If Bitcoin and other leading cryptocurrencies continue to underperform, then COIN’s value could drop towards the $250 range in the coming trading sessions.

COIN’s MACD line is below the neutral zone: Source: FXEMPIRE

The MACD line is below the neutral zone, indicating that COIN is currently underperforming. The RSI of 39 also shows that COIN is heading into the oversold region if the broader cryptocurrency market continues to underperform. At press time, COIN is trading below its 50-day moving average price of $301.

About the Author

Hassan is a Nigerian-based financial Journalist and cryptocurrency investor.

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