Sign Up on MEXCWill Coinbase Stock Price Reclaim $100 Mark in August?
For nearly a month, the Coinbase stock price has been in a steady correction, wobbling between the two trendlines of the falling channel. The daily time frame shows the pullback is part of a higher chart pattern called ‘flag’, providing buyers a short breather before the next leap. From the last upswing of $114.1, the asset price tumbled 23.5% to reach the current price of $87.8. Here’s how this retracement could be an opportunity for traders to accumulate at discounted prices.
Also Read: Coinbase ($COIN) Losing Market Share Amid Bitcoin ETF Filings, Bad News For Crypto?
Coinbase Price Daily Chart
- A bullish breakout from the flag pattern could set the COIN price for a 20% upswing
- The stock price moving above the 200-day EMA reflects the overall trend is bullish
- A potential golden crossover between the 50-and-200-day EMAs could bolster the buying pressure
Source-Tradingview
The bullish flag pattern is characterized by a significant rally followed by a minor correction meant to replenish buying momentum for the next leap. The correction part usually resonates between two parallel falling trendlines, and the breakout from the upper resistance signals the continuation of the bullish trend.
On August 7th, the COIN price broke down the pattern’s lower trendline, threatening holders for possibility for extended correction. However, the buyers stepped in immediately and pushed the price back into the channel.
These bear trap scenarios indicate the aggressive nature of buyers and high possibility of bullish reversal. With sustained buying, the coin base share price could rise 8-10% and challenge the upper trendline of the pattern.
Will Coinbase Stock Price Reach $114?
By the press time, the COIN price trades at $87.2 with an intraday gain of 1.58%. Under the influence of the flag pattern, the buyers are poised to breach the overhead resistance of the flag pattern. This breakout would signal the end of correction and start of a fresh rally. The post-breakout recovery could push the prices above the $100 and hit the $114 ceiling,
- Fibonacci retracement level: The ongoing correction still above the 50% FIB level indicate this retracement phase is healthy for long bull trend.
- Relative Strength Index: The daily RSI slope above 40% reflects the restoring bullish momentum.
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