Coinbase (COIN) stock is down 9% in the past two days, falling from $187 at Wednesday’s market open to close trading at $169 on Thursday, April 9. This decline comes despite US financial regulators’ support for US Treasury Secretary Scott Besent in his call for Congress to pass the Clarity Act. While this regulatory development is expected to lead to a bullish price forecast for COIN stock, a decline below the support level could lead to further declines.
SEC and CFTC Chairs Step Up Support for the CLARITY Act
Recently, Besant He urged Congress to pass the Clarity ActSaying that the draft law represents a national priority. The Treasury Secretary also urged US lawmakers to send the bill to President Trump for his signature. Such a move would bode well for COIN’s stock price.
Chairman of the US Securities and Exchange Commission (SEC), Paul Atkins, Supported feelingsSaying that once the CLARITY Act is passed, the regulatory body will implement it immediately.
“It is time for Congress to future-proof against rogue regulators and bring comprehensive market structure legislation to President Trump’s desk,” Atkins said.
And Commodity Futures Trading Commission (CFTC) Chairman Michael Selig, too opinion The law will “protect digital asset markets in the future.” Selig also said that once a bill passes, it cannot be amended by “rogue” regulators in the future.
Coinbase CEO Brian Armstrong also took part in thanking bipartisan senators for working to advance the bill. Armstrong had previously supported White House economists who said so Stablecoin yield rewards won’t hurt banksas critics of the CLARITY Act previously predicted.
COIN stock price prediction before the main week
COIN stock price lost 9.6% of its value in the past two days. The decline comes despite the forecast of the castle The rise of the Standard & Poor’s 500 indexWhich led to optimism that Coinbase shares may recover. As Coingab reported, April 13-20 is a key window To code the Banking Commission as the next step to passing the CLARITY Act.
The daily chart shows concern about a possible decline yet Currency stock It fell to test support at $167 briefly. While it briefly bounced above this support, it needs to close above it to prevent a drop to $153.
However, this bearish prediction for COIN stock price will be invalidated if the price bounces back after touching support. This will confirm the maturity of the double bottom pattern. If the price moves above the 50-day EMA at $190, the next price target will be $210.
Currently, the Relative Strength Index shows that COIN stock price is not out of danger yet. This indicator is at 41, which is an indication that the momentum is bearish. Moreover, the stock has not reached the oversold zone yet, suggesting that there may be room for further downside. To confirm a bullish reversal, the RSI needs to move above the 50 level.
