Coinbase Price Prediction: Will $COIN Price Reclaim $70 Mark in June
Coinbase Price Prediction: After a massive gap in the share price of Coinbase(COIN) on June 6th, the buyers found immediate support at $47.75-$46.2. The coin price showed a quick rebound of 17.4% and hit the local resistance of $55.6. Using the aforementioned level as base support, the COIN price shows the formation of a double bottom pattern in the daily time frame chart. Can this bullish pattern bolster market buyers to regain trend control?
Also Read: SEC Lawsuit Impact: BinanceUS Fires Staff, Coinbase Losing Market Share to Robinhood
Coinbase Price Daily Chart:
- The formation of the double bottom pattern is a sign of potential recovery and trend reversal.
- A bullish divergence in the daily RSI slope reflects increasing buying pressure
- A long-coming resistance trendline could invalidate the bullish thesis
Source-Tradingview
The formation of a double bottom pattern is a sign of aggressive accumulation of buyers at a particular support. This setup is one of the famous bullish reversal patterns which offers a significant upswing upon the breakout of its neckline resistance.
By the press time, the COIN Price trades at $55.59 and struggles to breach the overhead resistance of $55.6. Under the influence of this pattern, the price is likely to rise another 18.5% to challenge the $66.3 neckline.
A bullish breakout above $66.3 with daily candle closing must trigger the bullish pattern. The post-breakout rally could push the Coinbase share price to the $85.3 mark.
Will the $COIN Price Regain the $70 mark?
In response to the double bottom pattern, the Coinbase share price is likely to witness gradual growth in the near future. However, the potential rally could face multiple resistance such as $55.6 and daily EMAs(20, 50, and 100) before hitting the key neckline resistance of $55.6. An upside breakout from this resistance will pave the way for further growth and push the prices to the $66 mark.
- Relative Strength: The rising RSI slope against the sideways price action gives an excellent confirmation of rising bullish momentum for a potential rally.
- Exponential Moving Average: the 20, 50, and 100 EMAs wavering just above the $66.3 barrier indicates the buyers will face multiple resistance on the upside.
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