Coinbase Global Inc

COIN remains in a long-term downtrend, with a recent relief rally failing at the declining 200 DMA and now consolidating in the $172–$180 EMA cluster. The medium-term distribution structure and flat short-term EMAs support a bearish posture, and short-term indecision warrants patience. We defer selling into rallies toward the 200 DMA or the upper $178–$180 range to align with structural resistance.

• ↑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