Robinhood Stock Tumbles Amid Crypto Revenue Plunge
Riverhood stock plummeted despite beating Q2 earnings estimates. The company's crypto trading revenue dropped 38% to $100 million, overshadowing its impressive prediction markets growth of over 10x year-over-year to $156 million. This structural shift in the business mix has led Goldman Sachs, Barclays, and Jefferies to cut their price targets on HOOD.
The daily chart for Robinhood Stock signals sustained distribution with price closing below all three major moving averages - EMA20 at $99.66, EMA50 at $96.95, and EMA200 at $94.00. Momentum indicators confirm bearish acceleration, with the RSI sitting at 36, approaching oversold territory without triggering it.
The Bollinger Bands on the daily chart show price pressing against the lower band at $86.62 - almost exactly at the close of $86.60. This indicates sustained selling and not an overextension that would snap back quickly.