Bullish Pattern Sets Coinbase Stock Price To Surpass $100

Coinbase Commerce

Published 18 hours ago

On February 15th, the Crypto exchange Coinbase stock price gave a massive breakout from a local resistance of $61.4 mark. This breakout offers buyers a significant footing to resume a bullish rally and recover the losses witnessed during the recent correction. However, this correction phase is part of a famous bullish pattern called cup and handle. Here’s How you may trade this pattern.

Key Points:

  • The formation of the cup and handle pattern keeps the Crypto exchange Coinbase stock price on a bullish track.
  • The COIN price sustainability above $61.4 could assist buyers in an upswing of 30%
  • The bearish breakdown below $61.4 could undermine the bullish theory 

Coinbase Stock price


The above-mentioned bullish reversal pattern got its name for its simple structure of a cup and handle. In theory, the cup showcased sustained recovery and trend reversal, while the handle portion, which is the counter-trend move, validates the price sustainability at higher levels. 

Thus, the crypto exchange Coinbase stock price witnessed a minor correction in early February, which bottomed around $55 and reverted higher. Moreover, this bullish reversal breached a local resistance of $61.4, indicating the market sentiment showcased a sense of buying dips.

Also Read: Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks

Today, the COIN price trades at the $62.66 mark and is 4.47% down. This bearish candle is possible to retest the breached $61.4 for sufficient support. If the buyers manage to sustain above the mentioned level, the buyers are likely to drive the stock price by 30% to hit the neckline resistance of $81.85.

On a contrary note, if the price breakdown below the $61.4 support, the bullish these will get weakened.

Technical Indicator

RSI: Despite a significant correction, the daily RSI slope continues to wiggle above the midline, indicating that participants remain bullish. 

EMAs: the 20-day EMA moving around the $61.4 mark increases the support strength of this level. 

Crypto Exchange Coinbase Stock Price Intraday Levels

  • Spot rate: $61.89
  • Trend: Bearish
  • Volatility: Medium
  • Resistance levels- $81 and $116
  • Support levels- $61.4 and $48.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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.

Source: https://coingape.com/markets/bullish-pattern-sets-coinbase-stock-price-to-surpass-100/