Price Analysis

What’s Next for Coinbase Stock ($COIN) After Price Surged 63% Within Fortnight?

The Coinbase Stock price signals a major change in market trend as buyers break out a 2-year-long resistance.

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Published 16 Feb, 2024 | 05:58:33 PM UTC

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

Coinbase Stock Price| Tradingview

The ongoing rally in Bitcoin, the largest cryptocurrency by market cap, has significantly influenced various crypto-related stocks, including Coinbase (COIN), MicroStrategy (MSTR), Robinhood (HOOD), etc., nearly recovering the entire loss from the last correction trend.

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.

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

Coinbase Stock Price| Tradingview

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.

Also Read: Crypto Prices Today: Bitcoin Sustains 49K, PEPE & XRP Dip As PYTH Rallies 15%

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

Published by

Sahil Mahadik

Published 16 Feb, 2024 | 05:58:33 PM

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