What’s Next for Coinbase Stock ($COIN) After Price Surged 63% Within Fortnight?
Highlights
- The Cup and Handle pattern drives the current recovery in Coinbase Stock price.
- The rising price will witness a minor shortly to recuperate the exhausted bullish momentum.
- The current rally may face overhead supply pressure at $215, and $245.
The Coinbase stock price has been aggressively bullish in the last two weeks, following the massive inflow in Spot Bitcoin ETF, and BTC price rally. The increasing inflow in 8 ETFs is bolstering the revenue of this cryptocurrency exchange platform, positively affecting its share price. Today, the asset price is currently 15% up with a huge gap as Coinbase’s fourth-quarter(Q4) earnings beat analyst expectations. Is a rally to $250 imminent?
Also Read: Coinbase to Launch Perpetual Futures for Polkadot, Internet Computer, and NEAR Protocol
Coinbase Stock Price Surges on Earnings Beat
In the last two weeks, the COIN price jumped from $114.5 to $191.2, registering a 67% growth. The stock is 15% up today and is likely attributed to Coinbase’s Q4 figures demonstrating a 41% increase in total revenue quarter over quarter, amounting to $954 million. The adjusted EBITDA soared by 69% in the same period, reaching $305 million. Net income also saw a substantial rise, with Q4 hitting $273 million.
Our Q4'23 and full-year 2023 update is in.
Read the full shareholder letter and tune into our earnings call: https://t.co/fod43YZKqw pic.twitter.com/DJ2NhFyfdU
— Coinbase 🛡️ (@coinbase) February 15, 2024
With a strong financial report and bullish sentiment in the broader market, the Coinbase stock price is projecting sustainable growth for the near future.
Also Read: Coinbase CLO Urges WSJ Data Correction After Treasury Clears Hamas Of Crypto Terrorism
Bullish Pattern Signals a Change In Market Trend
A look at the daily time frame chart shows the current recovery forms a bullish reversal pattern called cup and handle. This chart setup developed for nearly two years reflects a strong influence on Coinbase’s share price. With this week’s price jump, the coin buyers gave a decisive breakout from the neckline resistance at $187, providing a new opportunity for market buyers.
If the weekly candle closes above the breached neckline, the potential target for the COIN price is $357.
Technical Indicator:
- Exponential Moving Average: The COIN price trading above the daily EMAs(20, 50, 100, and 200) indicates the overall trend is strongly bullish
- Average Directional Index: The ADX slope uptick at 20% reflects the share price has more room to grow.
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