Just went through the daily chart of $COIN , and the 177 level looks a bit precarious. Today it’s down -8% straight away—after topping at 194.27, it slid lower all day in a steady downtrend, hitting a low of 177.04, and closing basically right at the intraday low.
I heard that Coinbase and Better cooked up a token-backed mortgage—sounds pretty novel, but the market doesn’t seem to be buying it. Once the PCE data came out, the Nasdaq couldn’t hold up first, and high-beta stuff like $COIN naturally got hit right along with it.
I’m not necessarily bearish on the fundamentals—I just feel the way this drop is unfolding is a little off. Volume at 39.9M isn’t anything wild, but the price action is far too smooth; there hasn’t been a decent rebound at all, which suggests the selling pressure is very real.
Now it all comes down to whether 177 can hold. If it keeps drifting lower tomorrow, then we may have to look below 170. Either way, I’m not in a hurry to pick it up here—I’ll wait for a stabilization signal.
#Coinbase
I heard that Coinbase and Better cooked up a token-backed mortgage—sounds pretty novel, but the market doesn’t seem to be buying it. Once the PCE data came out, the Nasdaq couldn’t hold up first, and high-beta stuff like $COIN naturally got hit right along with it.
I’m not necessarily bearish on the fundamentals—I just feel the way this drop is unfolding is a little off. Volume at 39.9M isn’t anything wild, but the price action is far too smooth; there hasn’t been a decent rebound at all, which suggests the selling pressure is very real.
Now it all comes down to whether 177 can hold. If it keeps drifting lower tomorrow, then we may have to look below 170. Either way, I’m not in a hurry to pick it up here—I’ll wait for a stabilization signal.
#Coinbase