Crypto Stocks Rebound in Pre-Market — Except Circle, Which Continues to Slide
TradingKey – On Wednesday, August 6, U.S. crypto-linked equities saw a broad pre-market rebound, with Coinbase (COIN) up 1.6%, BTCS rising 1.46%, Nano Labs (NA) gaining 1.29%, and Strategy (MSTR) climbing 1.05%.
However, Circle (CRCL) bucked the trend, slipping another 0.58% to $151, extending its recent downtrend.
Circle Stock Chart – Source: TradingView
On July 18, Circle surged to $267, just shy of its all-time high of $298.99. The failure to break that level formed a double top pattern, a bearish technical signal. Since then, the stock has steadily declined, breaching the key support level at $170, which now acts as resistance.
- Current support: $140, but vulnerable to further breakdown
- Next major support: $100, implying 30%+ downside risk from current levels
Circle is scheduled to report Q2 earnings on Tuesday, August 12. Analysts expect the results to be a major catalyst:
- If earnings beat expectations: potential rebound
- If results disappoint: stock could test the $100 threshold
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