NewsletterCoinbase Price Analysis: Can $COIN Price Regain Momentum and Surpass the $80 Mark?
Over the past two months, the Coinbase Share price has bounced twice from horizontal support of $47.7-$41. In the daily chart, these two reversal hints at the development of a famous bullish reversal pattern called the double bottom. This pattern is a sign of active accumulation from buyers which could lead to a significant upswing in the near future. Here’s how interested market participants may trade this pattern.
Also Read: Coinbase Wins In US Supreme Court Consumer Lawsuit Ruling
Coinbase Price Daily Chart
- The formation of a double bottom pattern set the Coinbase Share price for a 42% rally
- A bullish divergence in the daily RSI slope accentuates the rising buying pressure in the market.
- The recently reclaim daily EMAs(20, 50, and 100) may offer strong support in a possible pullback
Source-Tradingview
Despite a massive gap down on June 5th, the Coinbase global share price showed high demand pressure at $47.7-47 with the formation of a long-bullish candle. Within the last three weeks, the asset price surged 30.74% to reach the current price of $61.47.
Under the influence of the double bottom pattern, the coin price is poised for another 8% rise and challenges the neckline resistance of $66.5. A potential breakout above this barrier will offer trades a higher stepping stone to climb higher.
With sustained buying, the post-breakout rally may push the asset price to $73, followed by $87.6.
Will Coinbase Price Recover to $87.7?
In theory, the double bottom pattern projects a predetermined target after the breakout of its neckline resistance. From the breakout point, the asset price is expected to rise from the same distance between the neckline and base support. Thus, under favorable bullish conditions, the COIN price may rise 42% to reach the $87.7 ceiling.
- Relative Strength Index: the daily-RSI slope breached a month-long resistance trendline indicating growing bullish momentum in the COIN price
- Exponential Moving Average: The 200-day EMA wavering near the $66.5 neckline increase the resistance power of this barrier.
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