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- 1 Coinbase stock (NASDAQ: COIN) price gave a breakout of $80.00 hurdle.
- 2 COIN stock price sustains above the 200-day EMA and showcases an upward trend.
- 3 Coinbase stock price is stuck in a narrow range.
Coinbase stock price (NASDAQ: COIN) is reversing upward and breaking out of the $80.00 hurdle level. However, the price did not give the follow-up momentum and is still trading inside the range.
COIN stock took support near $72.00 and holds the price above the 50, 200-day EMA. It showcases the trend is in an upward direction. The buyers are active near $80.00 and trying their best to bring back the confidence of investors.
Coinbase stock price performed well in June and generated decent returns for its investors.
In mid-August, the rally halted near $114.00 and the price witnessed profit booking. At the same time, the crypto market also begins to turn bearish which negatively impacts the Coinbase stock and invites further decline.
It corrected the majority portions of its previous gains and returned back to the breakout level. At present, COIN stock price is stuck in a range between $70.00 to $82.00. It seems to be consolidating for the base formation.
Coinbase stock price closed the previous session at $81.61 with an intraday decline of -0.66%. The market capitalization stands at $19.36 Billion.
Coinbase Stock: Is the Correction Over?
Coinbase stock price is recovering and bulls seem to be returning back to the track. The correction has taken a halt near $70.00 and begun the base formation.
Currently, BTC broke out of the $27K hurdle which will improve the crypto market sentiment. It is usually seen that when BTC rises, it positively impacts the price of many other altcoins.
So, the transaction and trading volume will also rise across the different crypto exchanges. Therefore, in the coming months COIN stock must be on the watchlist of investors.
COIN Stock Price is Forming a Bullish Reversal Pattern
COIN stock price is forming a bullish reversal pattern in the weekly time frame. However, the confirmation of the trend reversal will come when buyers are able to break the $87.00 hurdle.
At present, the price is continuing the consolidation. On the lower side, $70.00 will act as a strong support for the bulls.
Till the Coinbase stock price sustains above $70.00, the buyers will be active and the possibility of an upward range expansion will be high.
Conclusion
Coinbase stock price (NASDAQ: COIN) has formed a strong base near $70 and buyers are trying their best to rebound.
The analysis suggests COIN stock price may break the $86.00 hurdle and expand upward. But regaining $100 by October seems difficult.
Technical Levels
- Resistance levels: $86.00 and $100.00
- Support levels: $71.00 and $63.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
