Coinbase’s share price drops as Bitcoin and others underperform again

The cryptocurrency market has been underperforming in recent weeks, but managed to turn the tide earlier this week. However, that didn’t last, with most cryptocurrencies performing poorly again.

COIN loses more than 6% of its value

Coinbase shares have fallen more than 6% in the past few hours as the cryptocurrency market underperformed. COIN closed the day, trading around $ 261 per share, down 6.75% in the last few hours.

The drop in the price of COIN is due to the current underperformance of the cryptocurrency market. Coinbase is one of the world’s leading cryptocurrency exchanges, and the performance of the crypto market sometimes affects its share price.

Bitcoin and other major cryptocurrencies have performed poorly for the past few hours. BTC has lost over 6% of its value in the past 24 hours and is currently trading below $ 48,000 per coin. The drop follows Bitcoin’s strong performance in recent days, which saw it surpass the resistance level of $ 51,000.

Ether, the second largest cryptocurrency by market cap, has also lost over 6% of its value in the past 24 hours and is trading below the $ 4,000 mark. ETH’s current value is down almost 30% from an all-time high of $ 4,600 reached almost seven weeks ago.

COIN could dive further

Coinbase shares could take further losses if market momentum continues. If Bitcoin and other leading cryptocurrencies continue to underperform, the value of COIN 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 COIN heading into the oversold region if the larger cryptocurrency market continues to underperform. At the time of going to press, COIN is trading below its 50-day moving average price of $ 301.

Eleanor C. William