Coinbase Global, Inc (NASDAQ:COIN) reached another new all-time low on Thursday, sliding over 6% to $37.44, which Benzinga pointed out on Monday.

The move lower was coming in tandem with Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and the S&P 500, which were all declining significantly by between 2% and 3%. 

Benzinga’s Trading School instructor Mark Putrino called out Coinbase’s likely plunge on Nov. 21, when the stock fell under $44.15.

Coinbase has been negatively affected by declining sentiment in the crypto sector, propelled lower most recently in the wake of the FTX bankruptcy and founder Sam Bankman-Fried's subsequent arrest. 

Not everyone is bearish on Coinbase. Cathie Wood-led Ark Investment Management bought the dip on Dec. 9, adding 78,982 shares of the cryptocurrency exchange to its holdings for a total position of about 5.7 million shares.

Wood, a staunch Bitcoin bull, has predicted the apex cryptocurrency will reach a $1-million valuation

by 2030 but has also given $400,000 and $500,000 price targets in the past.

Whether Wood is calling the Coinbase bottom with her buys or whether the stock has further to fall before reversing is yet to be seen, but so far Coinbase is showing few signs that anything more than a bounce is on the horizon.

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The Coinbase Chart: Coinbase has been trading in a consistent downtrend since Nov. 3, when the stock broke bearishly from a sideways channel and formed a lower low. The most recent lower high within the downtrend was printed on Dec. 14 at $46.01 and the most recent confirmed lower low was formed at $38.50 on Tuesday.

• Despite the consistently lower prices, Coinbase is likely to bounce soon because the stock has developed bullish divergence on the daily chart. Bullish divergence occurs when a stock makes a series of lower lows but its relative strength index makes a series of higher lows.
• For the divergence to correct, Coinbase will either need to trend slightly higher or plunge steeply to drop the RSI near oversold territory. If the latter occurs, a larger bounce could be in the cards, although at a later date.
• Coinbase has resistance above at $40 and $44.15 and psychological support below at $35 and $30.

Read Next: Coinbase Gets Re-rated As Analyst Weighs Scalable Model Balanced By Limited Revenue Visibility

Photo courtesy of Coinbase.