Coinbase Stock Faces Resistance at $190 Amid Bearish Daily Trend

Coinbase Stock (COIN) is attempting to recover from its recent decline, with shares trading above $189 on May 29. However, the daily trend remains bearish due to the stock's position below key moving averages.

The daily chart shows that COIN sits below the 20-day EMA at $190.84 and the 50-day EMA at $192.79, indicating a bearish bias until those levels are reclaimed.

From a technical perspective, momentum is neutral to soft, not yet a trend reversal, according to the daily RSI(14) and MACD indicators.

Regulatory catalysts may aid sentiment, as news flow tilts supportive due to recent developments such as the CFTC greenlighting Coinbase's offering of access to offshore crypto perpetuals and its partnership with Kalshi for regulated perpetual crypto futures.