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