Coinbase Stock Price Prediction: For nearly a month, the Coinbase Stock has witnessed a sharp correction with a price fall of $187 to $125. This downward projection has recently shifted sideways as the S&P 500 Index hit a new all-time high this week.
Moreover, in a recent interview with Yahoo Finance, Oppenheimer analyst Owen Lau pointed out that Coinbase’s ongoing legal challenges with the U.S. Securities and Exchange Commission (SEC), which accuses the company of breaching securities laws, could lead to volatility in its stock price around $125 mark.
Having said that “This bitcoin ETF can bring in new investors” the analyst added later and continued, “To me, I think it’s a net positive for Coinbase longer-term”.
With the recent pullback of 33%, the COIN price takes a descent to the 100-day exponential average line representing a distribution phase in motion. Breaking under the 38.20% Fibonacci level, the pullback phase in Coinbase stock price grows intense.
Trading at $125, the downfall breaks multiple support levels and is heading directly towards the $111 barrier. Being a multiple contact resistance level before the breakout in the November 2023 rally, the horizontal level now acts as a crucial support with high reversal potential.
Further, the $111 area of interest aligns close to the 50% Fibonacci level improving the chances for buyers to overtake trend control.
Given the sustained upward trajectory of the US market, marked by the recent formation of an all-time high, and the parallel expectation for Bitcoin as it reclaims the $40K level, there’s a potential for the COIN price to encounter a reversal point in the near future.
A look at the daily time frame chart shows that Coinbase stock price witnessed a 71.8% FIB correction in May-June 2023 and a 50% retracement in September-October 2023. This indicates the COIN price is familiar with aggressive pullback, probably up to 50% but is meant to recuperate the bullish momentum.
Therefore, if the asset price shows a reversal pattern at $111 support, the market participants may witness a reversal of $145, followed by $162.
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