From Nasdaq, Inc.:

Coinbase Global, Inc. (COIN) has experienced a downtrend, losing 19% in the last two weeks. However, a recent hammer chart pattern suggests a potential trend reversal with bulls counteracting bears to offer support for the stock. Wall Street analysts are also optimistic about future earnings, further enhancing the stock’s prospects.

A hammer chart pattern is a popular price pattern in candlestick charting used to signal a potential trend reversal in a downtrend. With a small candle body and long lower wick, a hammer pattern indicates a stock opening lower and closing higher, suggesting the bulls might have lost control, signaling a turnaround for the stock.

Earnings estimate revisions for COIN are trending upward, a bullish sign for the stock’s future performance. Over the last 30 days, the consensus EPS estimate for the current year increased by 13.1%, indicating that analysts expect the company to report better earnings. COIN also holds a Zacks Rank #2 (Buy), further indicating its potential for price appreciation.

The Zacks Rank has proven to be an excellent timing indicator, suggesting when a company’s prospects are improving. With a Zacks Rank of 2, Coinbase Global, Inc. demonstrates strong potential for a turnaround, supported by rising earnings estimates and bullish analyst sentiments. This fundamental analysis supports the likelihood of a bullish trend reversal for the stock.



Read more: Coinbase Global, Inc. (COIN) Could Find a Support Soon, Here’s Why You Should Buy the Stock Now