Coinbase’s price has broken down from a symmetrical triangle pattern.  

The next target for COIN is $177 based on the 34% pattern move.  

A further drop below $177 could lead to even lower levels for COIN.

Coinbase (COIN) faces a significant technical breakdown as it moves towards its projected target of $177. A symmetrical triangle formation formed on the 4-hour chart, with a defined narrowing pattern suggesting a breakout is imminent. The price is currently hovering around $208.28, with a noticeable 3.42% drop on the day, reflecting a market correction.  

The pattern indicates that after an initial period of consolidation, COIN may experience a sharp decline as the market prepares to push it lower toward the $177 target. This pattern has historically led to price movements of up to 34%, making the $177 mark a vital level to monitor in the coming days.

Price Action and Key Levels to Watch for Further Movement

Certainly: Support levels from Coinbase have been re-tested multiple times. However, there is no clear breakout direction as price consolidates within a narrowing symmetrical triangle. The stock has achieved a downside from the latest highs around $320 and currently indicates weakness. 

The apex of this triangle is nearing, and for that reason we expect a breakout with quite a decent downward move against the projected target of this pattern. Hence, that would send prices driving down to test lower levels, while targeting $177 as primary, where more support would temporarily stabilize the price. An overall drop from this level could land the next stop probably even lower, although for the short term $177 will remain a significant flip side.

Coinbase’s downward stock movement has been a reaction to the overall market action, as many participants still seem to be coming to terms with the current high volatility and the potential regulatory headaches that might come back up in the crypto space. 

Supposedly, below a critical level in the model, which ranges from the lower boundary of the symmetrical triangle, the crucial signal could serve as a sell signal for a possible shift in investor sentiment. If conditions in the broader market improve, things might get better for Coinbase. The technical picture suggests prices are more poised to maintain a downward trend toward $177.

Implications of the Breakdown and Future Outlook

The breakout for the symmetrical triangle pattern is one trader and investor set-up sell signal; accordingly, the next few weeks are very important for Coinbase’s price. Sticking around the $177 level may give COIN a chance for a short-term rebound, while any further downward movements could lead the stock to new lows, contingent on broader market dynamics. 

As the pattern is nearing completion, traders are advised to keep a watchful eye on Coinbase price action around $177, to gain further insights into the potential future direction of the stock. The following few days would show if this selling pressure is going to fade away or bring in losses on a larger scale.  Read MoreNews, Altcoin News, Blockchain News, DeFi News, NewsNow, Price Analysis, Altcoin, coinbase, Crypto market, cryptocurrency 

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