{"id":12477,"date":"2022-07-27T16:28:22","date_gmt":"2022-07-27T16:28:22","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/coinbase-stock-coin-in-danger-of-another-60-crash-by-september-heres-why\/"},"modified":"2022-07-27T16:28:24","modified_gmt":"2022-07-27T16:28:24","slug":"coinbase-stock-coin-in-danger-of-another-60-crash-by-september-heres-why","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/coinbase-stock-coin-in-danger-of-another-60-crash-by-september-heres-why\/","title":{"rendered":"Coinbase stock (COIN) in danger of another 60% crash by September \u2014 Here’s why"},"content":{"rendered":"
Coinbase (COIN) stock bounced by 4.35% to $57 on July 27 after shedding roughly 20% over the past week. But more downside is likely despite the release of Coinbase’s first installment of the\u00a0Bored Ape Yacht Club-featured movie called The Degen Trilogy<\/em>.<\/p>\n THE DEGEN TRILOGY: PART ONE<\/p>\n \u26d3\ufe0fRUN THE CHAIN\u26d3\ufe0f<\/p>\n Here’s a first look at what we’ve been building with the community \ufe0f pic.twitter.com\/RSV6McnMlw<\/a><\/p>\n \u2014 Coinbase (@coinbase) July 26, 2022<\/a><\/p><\/blockquote>\n Overall, COIN is down roughly 83% since its Nasdaq debut in April 2021 with more losses possible due to weak fundamentals and bearish technicals.<\/p>\n To recap, COIN reached $79 on July 20, five days after breaking out of its “ascending triangle” pattern. As a rule, COIN’s profit target was supposed to be around $120, up over 130% from July 27’s price. <\/p>\n Nonetheless, the stock’s bullish reversal stopped midway after reaching $79, mired by back-to-back negative pieces of news.\u00a0<\/p>\n Initially, COIN’s correction began in the wake of a broader retreat in the crypto market, led by Bitcoin (BTC). Then, the downside move picked up momentum after\u00a0U.S. authorities arrested a former Coinbase manager on “insider trading” allegations.<\/p>\n\n
Bad news stalls COIN’s rally<\/h2>\n