Coinbase Global, Inc COIN is set to announce its fiscal fourth-quarter financial results after the market closes on Thursday. The stock was showing a 3.5% increase ahead of the event.
Back in November, when the cryptocurrency trading platform exceeded third-quarter revenue expectations, it closed 1.4% higher the following day and continued on an impressive uptrend that led to a significant peak before the end of the quarter.
For Q3, the company reported revenue of $674 million, exceeding the Street’s estimate of $653.19 million.
Analysts project Coinbase to report earnings of 2 cents per share on revenues of $823.85 million for Q4.
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JPMorgan analyst Kenneth Worthington upgraded Coinbase from Underweight to Neutral rating and maintained an $80 price target.
For the fourth quarter, all eyes are on the revenue generated by Bitcoin and Ethereum trading on Coinbase, with both experiencing significant surges during the quarter.
Technically, Coinbase’s stock appears to be in a mild bullish phase, showing signs of a possible three-gap-up pattern while also indicating a need for a pullback.
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The Coinbase Chart: Notable movements and patterns on the stock.
- Coinbase may present a third-gap-up pattern, suggesting a possible retracement in the coming days as its relative strength index (RSI) is near overbought levels.
- If the stock experiences a bearish reaction to its earnings, the possibility of a three-gap-up pattern will be negated, and a lower trend might emerge.
- Resistance lies at $177.45 and $187.39, with support at $162.20 and $140.53.
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