Coinbase Global ($COIN), which operates, as a cryptocurrency exchange platform, debuted as a public stock in mid-April. At this time, many cryptocurrencies became even more volatile and saw a significant drop in price. Coinbase was founded in June 2012 by Brian Armstrong, a former Airbnb engineer. Armstrong enrolled in the Y Combinator start-up incubator program and received a $150,000 cash infusion.
Since the Coinbase stock debuted publicly, it has been on a downtrend. The share price opened at $381, the intraday high was at $429.54, and then traded as low as $310. The current chart of $COIN is just a good representation of lower lows and lower highs since it was listed. The support level has been maintained at $216.78 since mid of May 2021. Since this May, the price has been ranging between $216.78 and $247.99.
On the RSI, there have been many instances of the price being oversold. Price is currently on the lower region of the Bollinger bands. A breakout to the upside at the breakout level line on the chart might push the price to $300. The crackdown on Crypto in China might have caused the price of $COIN to drop.
However, cryptocurrency has been believed by a few people as the currency of the future.