Coinbase (COIN) stock has pulled back to the crucial $368 support level ahead of its Q2 earnings report on July 31.
Coinbase (NASDAQ: COIN) stock has experienced volatility over the past two weeks and recently reached a crucial support level at $368, last seen during its 2021 IPO.
Investors are waiting on the sidelines for the Coinbase Q2 earnings report, which will set the stage for the next directional move.
COIN Stock Eyes Rally to $476, Analysts Remain Optimistic
Coinbase (COIN) has been among the top-performing crypto stocks this year on Wall Street, along with the likes of stablecoin firm Circle (NASDAQ: CRCL).
Following the highs at $420, the COIN stock has corrected by more than 10% in the recent pullback.
After bouncing from the crucial support at $368, the COIN stock has reversed its trajectory heading towards $476. Economist Donald Dean noted that Coinbase stock (COIN) recently exceeded its all-time highs before pulling back to retest key support at $368.
According to Dean, the next major target lies at $476, which aligns with the Golden Ratio level.
$COIN Coinbase Global – At Support
Price Target: $476
Coinbase exceeded all-time highs, then pulled back and is retesting support at $368.
Next target is $476 at the Golden Ratio. pic.twitter.com/ogoJlnTXKa
— Donald Dean (@donaldjdean) July 28, 2025
However, it’s worth noting that the Coinbase stock has seen some institutional selling recently. Cathie Wood’s Ark Invest partially offloaded its COIN holdings recently, which was part of the portfolio rebalancing from the asset manager.
Coinbase Q2 Earnings on Investors’ Radar
Coinbase Global (COIN) is scheduled to release its second-quarter earnings after the market closes on Thursday, July 31. In the previous quarter, the crypto exchange reported lighter-than-expected revenue and adjusted net income, with shares declining about 3% the following day.
The company attributed the weaker performance to “softer trading markets,” a trend analysts believe may have persisted into Q2.
According to estimates compiled by Visible Alpha, Coinbase is likely to post higher revenue compared to the same period last year.
However, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) are projected to decline. Wall Street analysts remain divided on the COIN stock outlook ahead of the earnings report.
During the second quarter, Coinbase also made some key acquisitions. Back in May, the crypto exchange acquired options trading platform Deribit, in a $2.9 billion cash-and-stock deal.
Earlier this month, Coinbase acquired Liquifi, a platform that assists startups in managing and distributing tokens. The company has also increased its focus on the payments sector, a move that could gain momentum with the passing of the GENIUS Act.
next