Coinbase Global Inc

COIN’s early-September momentum breakout above the congestion zone signals renewed demand, but price is extended above key EMAs and overbought. We defer execution and will look to buy pullbacks into the rising 9- and 20-day EMAs near dynamic support in the 180–185 area. Medium-term bias remains bullish in a Stage 2 advance, while the longer-term downtrend anchored by the declining 200-day SMA remains intact.

• ↑2025 revenue $7.2B up 9% YoY; subscription/services $2.8B up 23%
• ↑Bitcoin transactions now only 12% of revenue, reducing concentration risk
• ↓Negative earnings yield and 40% drop in trading volumes YoY