Price Analysis

Coinbase Stock Price Prediction Hints $300 Rally as Bullish Pattern Emerge

Coinbase stock shows a triangular trading pattern, with a potential breakout driven by its partnership with U.S. Marshals to manage seized cryptocurrencies.
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Coinbase Stock Price Prediction Hints $300 Rally as Bullish Pattern Emerge

Highlights

  • The Coinbase stock price may prolong its sideways action under the influence of a triangle pattern.
  • The 100-day EMA continues to act as dynamic support during major market pullbacks.
  • The daily RSI slope of 51% accentuates a neutral sentiment among market participants.

Coinbase Stock Price Predicti: On Monday at 3:12 PM EDT, the U.S. market displayed relative stability with the S&P 500 index seeing a slight increase of 0.14% to $5469. Meanwhile, Coinbase’s stock stood out with a notable 5.6% rise to $235 within the day. This surge in Coinbase share value is largely due to a major partnership and the formation of a bullish continuation pattern, which may signal further upward momentum.

Also Read: Breaking: German Govt Dumps 400 BTC To Major Exchanges, Transfer Spree Continues

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Coinbase Stock Price Prediction: COIN Poised for Growth with New Custody Role

Coinbase Stock Price Prediction

Over the past three months, the Coinbase stock has shown a sideways trend with its price resonating within a triangle pattern formation. The pattern’s converging trendlines as dynamic resistance and support are gradually reducing the price spread to bolster a decisive breakout.

In early June, the COIN price formed a lower high formation in the daily chart indicating the buyers had not built sufficient momentum for a higher rally. Amid the ongoing consolidation, the Stock price recently rebounded from the lower trendline at $207.7 and surged 13.5% to $235.4.

By the press time, the Coinbase stock holds a market cap of $57.86 Billion, and the 24-hour trading volume is at $.9 Million.

Also Read: Hong Kong’s Crypto License Outshines Coinbase’s US Approval

Furthermore, the U.S. Marshals Service (USMS) has made a significant move by selecting Coinbase to handle the safekeeping and management of its seized cryptocurrencies. This decision marks an essential development in the management of digital assets by U.S. law enforcement, particularly for assets derived from criminal activities and subsequently confiscated. 

Coinbase’s selection highlights its capabilities and trustworthiness in providing secure, regulatory-compliant custody services for high-profile clients, including government agencies.

The positive development could uplift COIN price by another 7.5% to challenge the triangle resistance.

However, a bullish breakout from the overhead trendline is needed to signal the end of the consolation trend and bolster further rallies. If the pattern holds true, the Coinbase Stock could chase a potential target of $283.5, followed by $371.2.

Technical Indicator.

  • EMAS: The recently reclaimed 20D and 50D Exponential Moving Average could offer buyers additional support to lead to a higher rally.                                                                                                                                           
  • Relative Strength Index: The declining RSI slope forming a lower low, despite the stable rebound in Coinbase’s stock, suggests that attempts by sellers to depress the price were unsuccessful
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Related Articles

Frequently Asked Questions

What is a Triangle Pattern?

A triangle pattern in stock trading is a chart formation where the price of a stock moves within converging trendlines over a period, indicating a consolidation phase.

How Does a Strategic Partnership Impact Stock Performance?

A strategic partnership can significantly impact a company's stock performance by enhancing its market credibility, operational scope, and financial outlook. For example, Coinbase's partnership with the U.S. Marshals Service

What is the Relative Strength Index ?

The Relative Strength Index (RSI) is a momentum oscillator used in technical analysis that measures the speed and change of price movements on a scale from 0 to 100.
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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