Coinbase Global (COIN) stock price was down by 17.6 percent as cryptocurrencies were facing major selling pressure

Coinbase Global Inc. (NASDAQ: COIN), a leading cryptocurrency exchange, has experienced significant fluctuations in its stock performance

Coinbase Global (NASDAQ:COIN) stock price was down by 17.6 percent as cryptocurrencies were facing major selling pressure in today's session. Bitcoin and Ethereum dropped during the weekend and Monday saw Bitcoin dropping below $80,000 during early hours.

However, as the day progressed, Bitcoin touched a low at $77,443 while Ethereum touched 17 month lows during today's trade. Ethereum touched the multiple-month low at $1,809.

Coinbase Global stock dropped nearly 20 percent during the session but recovered slightly towards the end of the trade. Coinbase has lost 36 percent over the last one month. Bitcoin price is also down from $100,000 to less than $80,000 at the time of publication of this report.

Overview of Coinbase Global Inc. (COIN)

Coinbase Global Inc. (NASDAQ: COIN), a leading cryptocurrency exchange, has experienced significant fluctuations in its stock performance, reflecting the volatile nature of the digital asset market.

As of March 10, 2025, COIN's stock opened at $204.65, reached a high of $207.00, and dipped to a low of $177.03, closing at $179.23. The company's market capitalization stands at approximately $44.87 billion, with a price-to-earnings (P/E) ratio of 18.91. Over the past 52 weeks, the stock has traded between a high of $349.75 and a low of $146.14.

Technical Analysis: Candlestick Patterns

Coinbase stock is mainly driven by the trends in cryptocurrency markets. Cryptocurrencies are highly volatile and this leads to volatility in Coinbase stock as well. Recent candlestick patterns indicate a bearish sentiment in the short term.

A Dark Cloud Cover pattern appeared on March 9, 2025, signaling a potential reversal from bullish to bearish momentum. This pattern occurs when a red candlestick opens above the previous green candlestick’s close but closes below its midpoint, indicating increased selling pressure. Traders should closely monitor the next few sessions for confirmation of this trend.

Fibonacci Retracement Levels

Applying Fibonacci retracement to COIN's recent price action:

The stock recently breached the 23.6% retracement level, indicating potential further downside toward the 0% level. Conversely, reclaiming the 23.6% level could signal a