Will Coinbase Stock Price Regain $100 in October?

The Coinbase stock price entered into a correction phase in mid-July when it reverted from the $114.43 peak. This downfall plunged the coin price nearly 37% down before witnessing significant buying pressure around the $72 mark. On September 22nd, the coin seller showed a breakdown attempt from the $72 mark but it immediately failed and resulted in a faked breakdown scenario. The bear trap has led to the formation of a bullish reversal pattern called Double Bottom, indicating a potential bullish upswing in the near future.

Also Read: Bitcoin Post-Halving Rally Delayed As IMF Warns Inflation And Weaker Growth In 2024?

Bullish Pattern Hints COIN Stock Rally to $100

• The last correction trend hitting 61.8% FIB level creates some doubt in buyers’ commitment.
• The $86.5 level stands as a strong supply regain for market participants. 
• A double bottom pattern set the COIN stock price for a 33.75% rally

Source-Tradingview

The Coinbase stock price has been navigating through a consolidation phase for the past couple of months, maintaining a strong footing above the pivotal $72 support and the 61.8% Fibonacci retracement level. 

Despite a bearish push on September 27th, the buyers quickly stepped in, reinforcing the idea of significant accumulation around this price region. The current price dynamics hint at the unfolding of a double bottom pattern, with this stock price trading at $76.2, marking a 4.2% decline for the day. 

The double bottom patterns are often developed at market bottoms and signals and early signs of trend reversal. the two bounce back in this pattern from the same support indicate the increasing buying pressure at lower prices.

If buying momentum continues to amplify, we could see the stock target the $86.6 resistance—the neckline of the double bottom pattern. A definitive break above this level could pave the way for a more extended bullish phase, potentially pushing the stock toward the $102.5 resistance level.

Will Recovery Trend Surpass $86.5?

Although the near-term outlook for Coinbase stock appears tilted towards the bulls, traders should remain vigilant around the $86.5 region—a potential zone of increased selling pressure. Should resistance at this level hold firm, the stock might find itself oscillating between the $86.5 and $72 zones for a while.

Therefore, a breakout above $86.5 would give a better confirmation for a rally to $100.

• Relative Strength Index: The formation of a higher low in the daily RSI slope accentuates the increasing bullish momentum.
• Super Trend: The red film projected on the daily time frame indicators the correction is still active.