COIN Stock Bounces From $368 Support Before Q2 Earnings Release

Coinbase (NASDAQ: COIN) stock has shown volatility, recently hitting a support level at $368, a point last seen during its 2021 IPO. Investors await the Q2 earnings report to influence future movements.

COIN Stock Potential and Analyst Insights

COIN stock is among the top-performing crypto stocks in 2023.
After reaching highs of $420, the stock corrected over 10% but bounced back from $368.
The next target price is $476, aligned with the Golden Ratio, according to economist Donald Dean.
Recent institutional selling was noted, including Ark Invest offloading part of its COIN holdings.

Upcoming Q2 Earnings Report

Coinbase will release its Q2 earnings on July 31 after market close.
The previous quarter saw lighter-than-expected revenue and a 3% decline in share price post-report.
Analysts expect higher year-over-year revenue but a decline in adjusted EBITDA.
Coinbase made significant acquisitions in Q2, including Deribit for $2.9 billion and Liquifi.
The company aims to enhance its presence in the payments sector, especially with the potential passing of the GENIUS Act.