Shares in Robinhood Markets, Inc. ( HOOD ) jumped nearly 11% on Wednesday afterCommission free brokerage firmsaid to start testingdigital walletwith selected customers next month If everything goes according to plan It is hoped that a wider rollout in early 2022 will allow customers to transfer selected cryptocurrencies to and from the Robinhood app.
important issues
- Robinhood says it will begin testing crypto wallets in October. It is planned to be launched widely in early 2022.
- Robinhood shares break above a two-week consolidation on rising volumes that could lead to more bullish price movements.
- Coinbase shares have rallied from the lower trend line of the bullish channel. This indicates that the bull market intends to protect this level.
Although Robinhood is expanding its crypto offerings, the company recentlycryptocurrency exchange Coinbase Global, Inc. ( COIN ) also increased profits on Wednesday. As investors avoid concerns about growing competition in fast-growing crypto trading and investing.
Let’s take a closer look at both stocks and use them.technical analysisto find possible trading plays.
Robinhood Markets, Inc. (HOOD)
The company is best known for its commission-free stock trading. Currently offering cryptocurrency trading services in leading coins such as Bitcoin , Ethereum , Litecoin and Dogecoin But it does not allow users to transfer their digital assets to or from their platform. By adding a wallet, Robinhood’s customers can find a one-stop solution for their crypto investments, as opposed to those whoguessPrice direction alone, as of September 23, 2021, Robinhood stock has a market capitalization of nearly $40 billion. and trading higher than the priceoffered for sale to the general public (IPO) 23% at $38 in the past month Shares have risen about 10%.
After falling to a low of $80 weeks after.go publicRobinhood’s share price has allowed about half of its gains to trade below $40 by early September, however yesterday’s announcement may have given the market a boost. The share price will break above two weeks ofmergerfrom increasing quantity Those who buy at these levels should look to retest around $85 while also managing their risk.Stop loss order atPlaced below the low recent consolidation area at $39.23.
TradingView.com
consolidationIn technical analysis, this means assets Swing between well-defined trading patterns Consolidation is often interpreted as market uncertainty. This ends when the asset price moves above or below the trading pattern.
Coinbase Global, Inc. (COIN)
Founded in 2012, Coinbase positions itself as the leading cryptocurrency exchange in the United States. It serves as an order gateway and trading platform for nearly 70 million verified users.mail maker feepattern while Robinhood takes that cut.Bid / Ask to Spread Coinbase Just Canceled Plans to Launch Credit Products AfterSecurities and Exchange Commission The (SEC) said it would sue, arguing that the ‘Lend’ proposed by Coinbase involved securities.
Investors should take into accountThe regulatory environmentMore change when investing in stocks that are risky to digital assets. After SEC Chairman Gary Gensler assured lawmakers last week that the agency was working to create rules to oversee the cryptocurrency market during the close.marketWednesday Coinbase shares have a market capitalization of $63.34 billion. and trading 3% below the pre-listed Nasdaq quote of $250.
Since its bottom in mid-May, Coinbase shares have fluctuated internally.leg funnelup to create a linegain and resistance atObviously, the stock has recently rallied from the lower trendline of the pattern. This indicates that the bull market intends to protect this level. Active traders who open a buy position here should consider setting it up.take profit orderOn the opposite side of the channel above $285, be prepared to exit with a small loss if the price cannot stay above this week’s low of $231.15.
TradingView.com
.
