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Circle Internet Group (NYSE:CRCL) is down to $85 despite beating earnings estimates and posting record third-quarter results.
Analysts at Bernstein said Circle remains fundamentally strong, calling the recent stock weakness "a narrative battle against the bears."
They reaffirmed an outperform rating and a $230 price target, implying 167% upside from current levels.
Circle reported $740 million in revenue and $166 million in adjusted EBITDA, topping estimates by 5% and 26%, respectively.
Net income jumped 202% year over year to $214 million as USDC circulation reached $73.7 billion, up 20% quarter over quarter.
Reserve income climbed 12% to $711 million, while adjusted EBITDA margin expanded by 700 basis points to 57%.
Read Also: Circle’s Record Q3 Stuns Investors — But 202% Profit Surge Doesn’t Lift CRCL
Bernstein acknowledged growing competition from payment rivals such as Stripe and PayPal (NYSE:PYPL), both developing their own stablecoin networks.
Still, analysts said USDC's liquidity advantage keeps it ahead of peers, noting that new entrants have struggled to gain market traction.
"USDC still looks like the prime network to participate in exponential stablecoin growth," wrote lead analyst Gautam Chhugani.
He said Circle's Arc blockchain and Circle Payments Network expansion position it for long-term ecosystem dominance.
CRCL Technical Analysis (Source: TradingView)
Despite strong results, CRCL continues to trade inside a four-month descending channel.
The stock slipped below its midline support this week, signaling that momentum remains with sellers.
Price now hovers near the lower boundary between $70 and $75, while overhead resistance persists near the 50-day EMA at $128.
The Parabolic SAR flipped bearish in early November and continues to track above the candles, confirming downside pressure.
Failure to hold the $85 support zone could accelerate the decline toward $70, with $100 now acting as resistance.
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