The Coinbase Stock Price Soars on Strong Earnings
The Coinbase stock price has experienced a significant surge in the past two weeks, driven by the inflow of funds into Spot Bitcoin ETFs and the rise in BTC prices. This influx of funds has positively impacted Coinbase’s revenue and subsequently boosted its share price. Today, the stock is up 15%, with a substantial gap, as the company’s Q4 earnings surpassed analyst expectations. With these positive developments, could a rally to $250 be on the horizon?
Bullish Pattern Indicates a Shift in Market Trend
An analysis of the daily time frame chart reveals that the ongoing recovery forms a bullish reversal pattern known as a cup and handle. This chart pattern, which has been developing for nearly two years, has exerted a strong influence on Coinbase’s share price. The recent price jump resulted in a decisive breakout from the neckline resistance at $187, creating new opportunities for market buyers. If the weekly candle closes above this breached neckline, the potential target for the COIN price is $357.
Technical Indicators
- Exponential Moving Average (EMA): The COIN price trading above the daily EMAs (20, 50, 100, and 200) indicates a strong bullish trend.
- Average Directional Index (ADX): The upward slope of the ADX at 20% suggests that there is more room for growth in Coinbase’s share price.
By
By
By
By
By
By