CRCL and COIN Stock Price Outlook After US jobless claim applications rise to 200,000

CRCL and COIN stock prices moved lower on Thursday after fresh US labor data pressured crypto-related equities. The jobless claims data was encouraging for the labor market, but investors were cautious.

Cryptocurrencies suffered a downward trend throughout the trading day, as the overall market capitalization dropped 1.34% to $2.66 trillion. Bitcoin price gradually fell below the significant $80,000 price level following a rejection near resistance. That drop put pressure on some crypto-related stocks, such as CRCL and Coinbase shares.

US Jobless Claims Fall to 200,000, Signaling Strong Labor Market

Jobless claims in the U.S. climbed for the first week of the month, though fewer than the 205,000 expected, to 200,000 during the week ending May 2. The new number indicated job cuts have not been substantial in spite of the higher cost of borrowing and the strictured financial environment. The revised reading for the previous week was nearly 190,000, indicating relatively stable labor conditions.

The robust job market dampened hopes for further Fed rate reductions in the near future. Increased rates may further lead to selling pressure in riskier assets such as cryptocurrencies and crypto-related stocks. 

Crypto-Linked Stocks Slide as Investors React to Economic Data

CRCL shares fell hard in Thursday trading as investors pulled back from growth areas with higher risks. The shares tumbled over 7% on the day before dropping to just around $112.58 in the afternoon trading. The stock is higher at the open but has been pushed up in mid-day trading.

The overall crypto market was also down, with BTC price failing to break a major technical resistance level. Subsequently, Bitcoin’s price dipped below $80,000, adding to the pressure on digital asset markets. The total market cap of all cryptocurrencies fell to around $2.66 trillion in the past 24 hours.

Coinbase stock also fell, as traders awaited the company’s upcoming quarterly earnings report. The stock of COIN fell 2.45% to $193.10 during Thursday trading. 

CRCL and COIN Stock Price Predictions: Key Levels To Watch

The $110-$108 range remains a key short-term support level and is being closely monitored by traders. If the CRCL price breaks below the area, it may lead to more downward pressure in the short term.

On the upside, technical resistance for CRCL currently appears near the $118 price level. If the breakout is stronger above that level, the bullish market sentiment may be enhanced in the upcoming sessions.

With the recent trading action, resistance is seen near the $198 mark for Coinbase stock. Their support is around the $190 mark and investors are waiting to see the company’s earnings report. If earnings exceed expectations, the bulls are indicating that the upside target is in the range of $205 to $215.