Coinbase Stock Sees Potential Rebound in Options Market Amid Crypto Winter Challenges
The options market is predicting a potential rebound for Coinbase stock after its second-quarter earnings report. According to data, the put-to-call ratio of Coinbase is 0.52, indicating that there are more calls than puts in the options market.
This pattern is also reflected in the quadruple bottom formation on the company's weekly chart, which suggests a possible rebound in stock price. The neckline of this formation is at $444, and if Coinbase breaks through this level, it could potentially reach a key resistance at $200.
However, there are challenges facing Coinbase as the crypto winter continues. Bitcoin prices have plummeted from a record high of $126,300 to the current $64,000, while Ethereum has dived to $1,875 and the market capitalization of all coins has fallen to $2.15 trillion from over $4 trillion.