Coinbase Global Inc’s (NASDAQ:COIN) price action is bullish and suggests that this breakout could be the beginning of an uptrend
Dwight Galusha | October 20, 2021 | SmallCapPower: Coinbase Global Inc. (NASDAQ:COIN) is breaking out above the apex of a bottoming pattern with an increase in volume. This price action is bullish and suggests that this breakout could be the beginning of an uptrend.
Coinbase is a brokerage platform for buying, selling, and transferring cryptocurrencies, with its revenue based primarily on trading commissions.
During Q2 2021, the company’s revenue and earnings grew by 1,040% and 4,918% to $2.033 billion and $1.606 billion, respectively.
Coinbase is the world’s 13th largest digital currency exchange by volume and there are now 83 cryptocurrencies traded on its exchange, up from 54 in the first half of 2020.
The company also recently announced a partnership agreement with Facebook, in which Coinbase will be offering support for Facebook’s Novi digital-payments platform that runs on cryptocurrency Pax Dollar.
Dwight Galusha is a Chartered Market Technician (CMT) whose work can be found at www.SetYourStop.com
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