Is Coinbase Stock Price Heading to $180? Bitcoin Rally Lifts US-Crypto Stocks

Coinbase Stock Price: Bitcoin, the largest cryptocurrency by market cap, is leading the recovery trend in crypto and traditional stock markets. As the BTC price tapped the $52000 high for the first time since December 2021, the global crypto market cap surged to $1.92 Trillion projecting a 4.56% intraday gain. Amid this uptick, the US crypto stocks showed a notable gap on Wednesday-February 14th. 

Also Read: Coinbase & Other Crypto Stocks Surge As Bitcoin Tops $51K, Rally To Sustain?

US-Crypto Stocks Gains Momentum as BTC Price Hit $52K

#Bitcoin has reclaimed the $1T market cap, a key milestone, for the first time since December 2021. It now has a bigger capitalization than giants such as Walmart, Tesla, or even Berkshire Hathaway. However, for valuing digital assets like $BTC, market cap has its limitations🧵

— glassnode (@glassnode) February 14, 2024

Amid the Bitcoin price rally, the various crypto-related stocks entered an aggressive recovery trend last week. The Cryptocurrency exchange Coinbase (COIN) is 37.5% up in the last seven trading days. The software company MicroStrategy (MSTR) is 60% up and trading platform Robinhood(HOOD) shows an 18% hike in the same period.

Furthermore, crypto-mining firms have seen significant gains, almost completely recouping the losses incurred during the previous downturn.

In the last 7 trading days, Marathon Digital Holdings’ stock price is 70% up, Riot Platforms stock is 58% up, while Bitfarms projects a 48% rally.

Healthy Retracement Sets Coinbase Stock Price For Higher Rally

In the second week of February, the Coinbase stock (COIN) price experienced a positive shift, bouncing back from a local support level of $114. This bullish above the 50% Fibonacci retracement level signals a constructive pullback, enabling buyers to regain lost bullish momentum. 

Currently trading at $157, the COIN stock is approaching the key resistance level at $161, gearing up for another potential breakout. Overcoming this hurdle could furnish buyers with adequate support to aim for a 16% increase, reaching the previous peak of $187. 

Although this monthly resistance level might prompt a resurgence of selling pressure, surpassing it would indicate a stronger prospect of sustained growth.

Also Read: Coinbase (COIN) Next In Cathie Wood’s Ark Invest Radar After This Crypto Stock Buy

Technical Indicator: 

• Exponential Moving Average: The 100-day EMA slope acts as a solid support during a market correction.
• Moving Average Convergence Divergence: A bullish crossover between MACD and the signal line reflects the Coinbase stock price returns to a recovery trend.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.