Coinbase Stock Price Prediction Hints $300 Rally as Bullish Pattern Emerge

full version at coingape

Coinbase Stock Price Predicti: On Monday at 3:12 PM EDT, the U.S. market displayed relative stability with the S&P 500 index seeing a slight increase of 0.14% to $5469. Meanwhile, Coinbase’s stock stood out with a notable 5.6% rise to $235 within the day. This surge in Coinbase share value is largely due to a major partnership and the formation of a bullish continuation pattern, which may signal further upward momentum.

Also Read: Breaking: German Govt Dumps 400 BTC To Major Exchanges, Transfer Spree Continues

Coinbase Stock Price Prediction: COIN Poised for Growth with New Custody Role

BATS:COIN — Coinbase Stock Price Prediction

Over the past three months, the Coinbase stock has shown a sideways trend with its price resonating within a triangle pattern formation. The pattern’s converging trendlines as dynamic resistance and support are gradually reducing the price spread to bolster a decisive breakout.

In early June, the COIN price formed a lower high formation in the daily chart indicating the buyers had not built sufficient momentum for a higher rally. Amid the ongoing consolidation, the Stock price recently rebounded from the lower trendline at $207.7 and surged 13.5% to $235.4.

By the press time, the Coinbase stock holds a market cap of $57.86 Billion, and the 24-hour trading volume is at $.9 Million.

Also Read: Hong Kong’s Crypto License Outshines Coinbase’s US Approval

Furthermore, the U.S. Marshals Service (USMS) has made a significant move by selecting Coinbase to handle the safekeeping and management of its seized cryptocurrencies. This decision marks an essential development in the management of digital assets by U.S. law enforcement, particularly for assets derived from criminal activities and subsequently confiscated.

Just announced: the U.S. Marshals Service selects Coinbase Prime to provide custody and advanced trading services for its large cap digital assets portfolio.

Read more about this partnership ↓https://t.co/6CCTz1EGQj pic.twitter.com/zM4R0giDrY

— Coinbase Institutional (@CoinbaseInsto) July 1, 2024

Coinbase’s selection highlights its capabilities and trustworthiness in providing secure, regulatory-compliant custody services for high-profile clients, including government agencies.

The positive development could uplift COIN price by another 7.5% to challenge the triangle resistance.

However, a bullish breakout from the overhead trendline is needed to signal the end of the consolation trend and bolster further rallies. If the pattern holds true, the Coinbase Stock could chase a potential target of $283.5, followed by $371.2.

Technical Indicator.

EMAS: The recently reclaimed 20D and 50D Exponential Moving Average could offer buyers additional support to lead to a higher rally.
Relative Strength Index: The declining RSI slope forming a lower low, despite the stable rebound in Coinbase’s stock, suggests that attempts by sellers to depress the price were unsuccessful

The post Coinbase Stock Price Prediction Hints $300 Rally as Bullish Pattern Emerge appeared first on CoinGape.