Coinbase Global Inc

COIN remains entrenched in a Stage 4 decline with sequential lower highs and lower lows and price trading below declining EMAs. The medium-term bias is Bearish under the persistent downtrend, and short-term timing is Bearish as price rejects the 9/21 EMA resistance zone. Selling into this dynamic resistance area is appropriate, while only a sustained reclaim and acceptance above key EMAs with follow-through would invalidate the bearish posture.

• ↑Market share rose 5× since Q1 2023 despite total volume decline.
• ↑12 products generate >$100 M annualized; derivatives revenue exceeds $200 M.
• ↓Q1 2026 net loss hit $394 M, reflecting severe margin pressures.