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Coinbase stock jumps 50% last week: Focus shifts to Q2 earnings

Coinbase (NASDAQ: COIN) stock regained strong upside momentum last week and bounced almost 50% after the company entered a partnership with BlackRock. What next?

Coinbase stock jumps 50% last week: Focus shifts to Q2 earnings

The major cryptocurrency exchange Coinbase (NASDAQ: COIN) is a global prime broker platform for digital assets used by more than 13,000 institutional investors. The company trades on the NASDAQ under the ticker COIN and Coinbase’s market capitalization currently sits at $20 billion.

Coinbase shares have fallen more than 60% since the beginning of the year. However, the stock regained strong upside momentum last week and bounced almost 50% after the company entered a partnership with BlackRock, the world’s largest asset manager on Thursday. The partnership allows BlackRock’s institutional investors to buy bitcoin via the cryptocurrency platform.

Coinbase earnings release for the second quarter is slated for August 09, after the market close. The company is expected to post a quarterly loss of $2.44 per share and revenues are expected to be $879.69 million. In the first quarter, Coinbase missed on Q1 earnings and revenue, and the revenues dipped 27% to $1.17 billion from a year earlier.

$COIN weekly technical outlook

From a technical perspective, as long as the stock holds above $80/75 levels, $COIN could see a resumption of the upside move. For this week, the first key resistance level for the stock is $115, then the stronger resistance is 122, which is important to be stable above it for a continuing rise to 132 and 140 levels. On the downside, in case the price is close below the $75 area, the slump will quickly extend toward the $65/60 mark.

HASH

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