Synopsis: The crypto market had been on relatively stable ground on Friday, June 6, 2025, but tensions between two high-profile figures--Donald Trump and Elon Musk--have sparked fresh uncertainty. As sentiment wavered, Dogecoin took a sharp fall, while Robinhood and Coinbase, two of the biggest names in crypto-adjacent stocks, followed very different paths. Here is a closer look at where things stand.
Highlights
- Dogecoin saw a sharp 20% drop
following renewed political drama
- Robinhood’s stock is showing
strong upward momentum, with bullish chart patterns taking shape
- The USD 65 mark is emerging as
a crucial support level for Robinhood’s next move
- Coinbase continues to drift
within a wide sideways range
- Robinhood’s trading volume and
momentum indicators remain stronger than Coinbase’s
- A brief pullback in Robinhood
could set the stage for its next climb
- Coinbase has yet to give any
clear signals of breaking out or shifting trend
- Investors looking for crypto
stock exposure may find Robinhood a more favorable option right now
- RSI readings and volume action
support Robinhood’s strength
Why Is Crypto Under Pressure? How Trump and Musk
Stirred the Market
Crypto
assets faced a sudden downturn today, but not for the usual reasons. This time,
it wasn’t inflation data or regulatory fears-- it was a clash of personalities.
The fallout between Donald Trump and Elon Musk, two names with outsize
influence in both politics and tech, seems to have unnerved parts of the
market.
Dogecoin,
often viewed as a barometer of Musk’s influence on the crypto crowd, dropped
steeply. A 20% loss in a single session sent a clear message: sentiment is
fragile.
But while
digital tokens stumbled, some crypto-linked stocks told a more complicated
story. Robinhood, for instance, has been steadily climbing. After hitting a low
near USD 29, the stock began a strong rebound. Technical analysts will
recognize the structure: it aligns with what’s known as an Elliott Wave (a
pattern that often unfolds during powerful trends).
Right now,
Robinhood appears to be finishing the fifth and final wave in that pattern.
That could mean a temporary pullback is coming. But if the stock holds above
the USD 65 area (a level it previously broke and reclaimed)it could lay the
groundwork for another leg upward, possibly retesting recent highs around USD 76.
From a
broader chart perspective, Robinhood continues to make progress, printing
higher highs and higher lows. Its latest breakout pushed it into fresh
territory, which is typically seen as a positive signal by trend-following
traders.
Coinbase, by
contrast, has not been able to break out of its rut. For several months, it is
traded between USD 185 on the low end and USD 278 at the top, never quite
finding the strength to move beyond that range. Each attempt to push higher has
fizzled out. The stock remains in neither bearish nor convincingly bullish.
When you
stack the two stocks side by side, the difference is noticeable. Robinhood’s
rally is backed by healthy volume and clear momentum. Even the Relative
Strength Index, a tool used to gauge buying pressure, points to a more
confident uptrend. Coinbase, on the other hand, is stuck in neutral. It has not made a meaningful higher high or shown signs of a breakout, and the volume simply
hasn’t supported upward movement.
Looking Ahead: What Should Investors Watch?
In the near
term, Robinhood has the technical edge. If it pulls back modestly and manages
to stay above USD 65, that would reinforce the case for further gains. It would
also offer a relatively low-risk entry point for investors who believe in the
strength of the trend.
Coinbase is
still waiting for a catalyst. Until the stock either surges above USD 278 or
drops below USD 185 to set a new direction, it’s likely to continue moving
sideways. That makes it a tougher bet for short-term traders who want clearer
signals.
For those seeking exposure to crypto through the stock market, Robinhood currently offers a more compelling technical picture. If support levels hold and buying interest stays strong, it could be one of the early movers in the next phase of the crypto equity cycle.
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