Coinbase's COIN stock price to cross $150 this year?
Coinbase stock price has nearly doubled since its June lows with a potential for much more upside this year, according to a mix of technical and fundamental indicators.COIN has been undergoing a strong bullish reversal after falling by almost 90% from its record high of $368.90 in November 2021.
Coinbase stock price was up over 95% to $75.27 as of July 20's close when measured from its May 12 local bottom of $40.83. Its recovery led to a symmetrical triangle pattern formation with the price forming a sequence of lower highs and higher lows. Symmetrical triangles in downtrend typically turn out to be bearish continuation patterns. They resolve after the price breaks below their lower trendlines to fall further. But in, a symmetrical triangle could form at the end of a downtrend, leading to sharp bullish reversals.
As it seems, COIN has already entered the breakout stage of its symmetrical triangle reversal pattern. Notably, Coinbase stock closed above the structure's upper trendline on July 28 while accompanying a rise in trading volume, as shown below.COIN now tests $80 as its interim resistance while eyeing a further upside toward $135.
The triangle's upside target appears closer to COIN's 200-day exponential moving average near $153. That psychologically raises the possibility of COIN forming bullish wicks toward $153 if it reaches $135 this year.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dale Watson’s coin-covered guitar stolen outside Houston restaurantAustin-based musician Dale Watson posted on social media that his van was stolen from the parking lot while eating at a restaurant in Houston on Saturday, July 16.
Read more »
Charted: Trump's endorsement success rateFour out of five Trump-endorsed candidates won their election last year — up from just 57% in 2017.
Read more »
Ongoing staffing shortages plague Northeast Ohio school districtsAccording to a Spring 2022 American School District Panel survey, 90% of school districts changed operations in one or more of their schools this past school year because of teacher shortages.
Read more »
SpaceX will break a major rocket-launch record this weekWith its 32nd rocket launch of the year scheduled for Thursday, SpaceX is on track to exceed the high mark it set in 2021.
Read more »
Ciara Pairs a Plunging Black Gown With a Silver Bra at the 2022 ESPYsCiara wore a black gown with a plunging neckline and a silver bra to the 2022 ESPYs. See her look here.
Read more »
Cubs Open-Minded About Nazier Mule, ‘Dynamic' Two-Way Draft PickThe Cubs aren’t closing any doors on 2022 fourth-round pick Nazier Mule, who’s flashed impressive potential both on the mound and at shortstop.
Read more »