Retail involvement drives Coinbase Global, Inc.'s revenue and profitability as a leading cryptocurrency financial platform. Trading volume per retail Monthly Transacting User (MTU) and user base have fluctuated, indicating market share stabilization in the third quarter.
Coinbase's Earnings Projection
Coinbase's financial performance analysis indicates a cautiously positive prognosis for revenue and EBITDA. Revenues are expected to reach $2,662 million in 2023 and $2,437 million in 2024. EBITDA is expected to reach $634 million in 2023 and $486 million in 2024.
These financial expectations show a resilient corporation navigating the turbulent cryptocurrency market, with enhanced cost management and three consecutive quarters of positive adjusted EBITDA.
Coinbase Stock Forecast
Regulations like an SEC certification for a spot Bitcoin ETF might boost Coinbase trading volumes. Another major event could affect the company's performance: the April 2024 Bitcoin halving.
Coinbase's extensive product development strategy fits with its worldwide expansion into Brazil, Singapore, and Canada and focuses on crypto derivatives markets. These activities might help the company in the global crypto economy.
COIN Stock Technical Analysis
In the daily Coinbase (COIN) chart, a strong bull run is visible where the recent upward pressure above the 114.22 high reached the significant Fibonacci Extension level. Instead of forking a bearish reversal from the 141.71 resistance level, bulls hold the momentum above it.
Based on this outlook, investors might expect a bullish continuation where a minor downside correction is pending. In that case, investors should closely monitor how the price retraces lower. Primarily, a corrective bearish pressure and a bullish rejection from the dynamic 20 EMA or static 114.22 level could extend the price toward the 186.00 level.
On the other hand, a bearish rejection from the 141.00 level with a bearish daily candle below the 20 DMA could be a bearish signal, targeting the 100.00 psychological level.