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Highlights
- A bullish breakout from $161 sets the COIN price for a 16% Surge.
- The rising price will witness an overhead supply at $161, followed by $187.
- With an intraday gain of 12%, the COIN price teases a bullish breakout from the $161 level.
Coinbase Stock Price: Bitcoin, the largest cryptocurrency by market cap, is leading the recovery trend in crypto and traditional stock markets. As the BTC price tapped the $52000 high for the first time since December 2021, the global crypto market cap surged to $1.92 Trillion projecting a 4.56% intraday gain. Amid this uptick, the US crypto stocks showed a notable gap on Wednesday-February 14th.
Also Read: Coinbase & Other Crypto Stocks Surge As Bitcoin Tops $51K, Rally To Sustain?
US-Crypto Stocks Gains Momentum as BTC Price Hit $52K
#Bitcoin has reclaimed the $1T market cap, a key milestone, for the first time since December 2021. It now has a bigger capitalization than giants such as Walmart, Tesla, or even Berkshire Hathaway. However, for valuing digital assets like $BTC, market cap has its limitations🧵
— glassnode (@glassnode) February 14, 2024
Amid the Bitcoin price rally, the various crypto-related stocks entered an aggressive recovery trend last week. The Cryptocurrency exchange Coinbase (COIN) is 37.5% up in the last seven trading days. The software company MicroStrategy (MSTR) is 60% up and trading platform Robinhood(HOOD) shows an 18% hike in the same period.
Furthermore, crypto-mining firms have seen significant gains, almost completely recouping the losses incurred during the previous downturn.
In the last 7 trading days, Marathon Digital Holdings’ stock price is 70% up, Riot Platforms stock is 58% up, while Bitfarms projects a 48% rally.
Healthy Retracement Sets Coinbase Stock Price For Higher Rally
In the second week of February, the Coinbase stock (COIN) price experienced a positive shift, bouncing back from a local support level of $114. This bullish above the 50% Fibonacci retracement level signals a constructive pullback, enabling buyers to regain lost bullish momentum.
Currently trading at $157, the COIN stock is approaching the key resistance level at $161, gearing up for another potential breakout. Overcoming this hurdle could furnish buyers with adequate support to aim for a 16% increase, reaching the previous peak of $187.
Although this monthly resistance level might prompt a resurgence of selling pressure, surpassing it would indicate a stronger prospect of sustained growth.
Also Read: Coinbase (COIN) Next In Cathie Wood’s Ark Invest Radar After This Crypto Stock Buy
Technical Indicator:
- Exponential Moving Average: The 100-day EMA slope acts as a solid support during a market correction.
- Moving Average Convergence Divergence: A bullish crossover between MACD and the signal line reflects the Coinbase stock price returns to a recovery trend.
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