Brian Armstrong statement drives Coinbase surge — technicals still show resistance ahead

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Highlights

COIN trades well below key moving averages, with downward pressure dominating short, medium, and long-term trends.
Technical momentum signals remain weak, showing persistent seller control and oversold conditions across several indicators.
The anticipated trading range over the next five sessions is $137.00 to $158.00, with a low probability of a price increase.

Expanded institutional trading as Coinbase leverages market infrastructure gains

Brian Armstrong announced that starting today, U.S. institutions can trade crypto options and perpetuals through a unified global liquidity pool on Coinbase Prime, underscoring Coinbase’s role in enhancing market access and institutional demand. This initiative is significant because it could boost trading volumes, drive greater institutional participation, and position COIN as a key global marketplace for digital assets. The market’s positive response aligns with this narrative, while recent Coinbase business developments include new perpetual product launches and an increase in the company’s corporate Bitcoin holdings. Regulatory milestones, such as CFTC authorization for single-stock perpetual futures, have also contributed to a more supportive operating environment.

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Bearish momentum persists as COIN trades below multi-month averages

COIN is trading decisively below its MA-20 ($167.11), MA-50 ($178.07), and MA-200 ($177.25), signaling continued seller dominance with dynamic resistance from the Ichimoku Kijun at $167.82. The nearest support sits at $137.00, with resistance at $167.82. MACD momentum is weak and downside-biased, while RSI reflects oversold conditions. The 5-day forecast range is $137.00–$158.00, with the fundamental bullish signal from Armstrong’s statement supporting an improved outlook if technical levels are reclaimed.

Anton Kharitonov, expert at Traders Union, remains reserved on the impact of Brian Armstrong’s statement, viewing the CEO’s optimism with caution given the technical backdrop. He believes that while institutional access via Coinbase Prime is a constructive fundamental move, COIN’s persistent trading below key moving averages ($167.11, $178.07, $177.25) and weak MACD momentum point to ongoing seller pressure despite the intraday rally. Kharitonov warns, “Without a firm recovery above resistance at $167.82, today’s sentiment-driven bounce is vulnerable to reversal.”

Previously it was reported that Coinbase emphasized its commitment to safeguarding customer funds through 1:1 asset backing and robust cold storage practices. Building on that foundation, investors should now monitor the platform's operational developments for any shifts in custody transparency, as these could impact user confidence and trading activity.

Source of Data: COIN Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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