Coinbase Stock Price: Bitcoin Leads Recovery Trend as BTC Price Hits $52K
Bitcoin, the largest cryptocurrency by market cap, is leading the recovery trend in both crypto and traditional stock markets. The BTC price has reached $52,000 for the first time since December 2021, resulting in a surge in the global crypto market cap to $1.92 trillion, with a 4.56% intraday gain. Meanwhile, US crypto stocks experienced notable gains on February 14th.
US-Crypto Stocks Gain Momentum as BTC Price Hits $52K
Amid the Bitcoin price rally, various crypto-related stocks have entered an aggressive recovery trend. Coinbase (COIN), the cryptocurrency exchange, has seen a 37.5% increase in the last seven trading days. MicroStrategy (MSTR), a software company, is up by 60%, and Robinhood (HOOD), a trading platform, has shown an 18% hike in the same period.
Furthermore, crypto-mining firms have also witnessed significant gains, recovering most of their previous losses. Marathon Digital Holdings’ stock price is up by 70%, Riot Platforms’ stock has increased by 58%, and Bitfarms projects a 48% rally.
Healthy Retracement Sets Coinbase Stock Price for Higher Rally
In the second week of February, Coinbase stock (COIN) experienced a positive shift, bouncing back from a local support level of $114. This bullish movement above the 50% Fibonacci retracement level indicates a constructive pullback and allows buyers to regain lost bullish momentum.
Currently trading at $157, the COIN stock is approaching a key resistance level at $161, potentially leading to another breakout. Surpassing this hurdle could result in a 16% increase and reach the previous peak of $187. While there may be selling pressure at this monthly resistance level, overcoming it would indicate a stronger prospect of sustained growth.
Technical Indicator
Two technical indicators to consider for Coinbase stock are the Exponential Moving Average (EMA) and the Moving Average Convergence Divergence (MACD). The 100-day EMA slope acts as solid support during market corrections. A bullish crossover between MACD and the signal line reflects that Coinbase stock price is returning to a recovery trend.
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