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Coinbase stock price has picked up aggressive momentum this week, as its rival in crypto exchange Binance is facing some regulatory challenges. As a result, the Coin price has been rising for five consecutive days and reached a 4-month high of $114.4. However, a look at the daily time frame chart shows this recovery is part of a rising channel indicating the asset is poised for further rally.
Also Read: 5 Cryptocurrencies That Can Make You Rich In 2023
COIN Price to $150?
- A rising channel pattern leas the current recovery trend in COIN Stock
- The ongoing recovery trend may witness intense supply at the $135 mark.
- The 20 EMA could offer a strong pullback to buyers.
Source-Tradingview
The Coinbase stock price has demonstrated a remarkable recovery in November, bouncing back robustly from a psychological support level of $70. Over the past three weeks, this momentum has propelled the asset price to an impressive $115, translating to a 63% increase.
A detailed analysis of the daily time frame chart reveals that this upward trend is part of a bullish swing within a rising channel pattern, which has been shaping the stock’s recovery trajectory for over a year.
This pattern, characterized by two parallel trendlines, has consistently provided dynamic resistance and support for the Coinbase stock. Currently, the recovery momentum seems poised to continue, potentially driving the price approximately 15% higher to the upper trendline of the channel, around the $135 mark.
However, historical trends within this pattern suggest a cautionary tale; each approach to the upper trendline has historically been met with increased selling pressure, leading to an immediate reversal towards the lower trendline.
Therefore, should the overhead supply pressure become significant, the Coinbase stock price may face another correction phase starting from the $135 level.
Will Coinbase Stock Price Hit $200?
A recent catalyst for Coinbase stock performance was the news of Binance CEO Changpeng Zhao’s resignation following a guilty plea to U.S. anti-money laundering law violations. While this development has contributed positively to the current upward trajectory, resistance at higher levels is likely to temper the pace of recovery. For the stock to shift into a more aggressive recovery mode, it would need to breach the overhead trendline, potentially setting the stage for a surge towards the $200 mark
- Average Directional Index: The daily ADX slope at 40 suggests that the current buying momentum might be nearing a point of exhaustion
- Bollinger Bands: A sharp upswing in its upper boundary Bollinger Band indicator projects that the buying activity is aggressive.
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