Coinbase Stock Jumps 11%; COIN Stock preparing to reach $100?

• Coinbase Stock Price (NASDAQ: COIN) jumps 11% in a single day and holds the $70.00 level.
• The Coinbase Stock sustains above the 50 and 200 day EMA and might be preparing for golden crossover.
• COIN Stock Price recovered 70% approx from the recent swing low.

Coinbase Stock Price (NASDAQ: COIN) jumped 11% in a single day and attempted to break out of the $80.00 hurdle. COIN Stock is already in a strong momentum and rises upward by forming higher high candles. 

Coinbase Stock Price succeeded to climb above the 50 and 200 day EMA showcase the trend is in upward direction. The 50 day EMA is reversing upward and likely to positively intersect the 200 day EMA which will be considered as a golden crossover. 

The buying volume is also on rise and prices also followed the same direction. It indicates some genuine investors have turned bullish and injected the money in the expectation of outperformance. 

The support levels of the COIN Stock is shifting higher and higher which shows the dominance of buyers. However, the price is near to the crucial resistance and minor corrections are also possible. Well, any short term retracement toward the EMAs is likely to get easily absorbed.

Coinbase Stock Price closed the previous session at $79.93 with an intraday rise of 11.71%. The market capitalization stands at $18.75 Billion. 

Will Coinbase Stock breakout of the swing high hurdle?

Coinbase Stock had performed very well in 2023 and generated a returns of 137% on YTD basis. In the beginning of June, The short term downfall in COIN Stock halted near to $46.00 and prices took a U-turn. 

Slow and steady, prices begin to rise upward and recover the previous losses. Till the stock price is trading above the $60.00 level the probability of continuing the upward momentum remains high. 

The recent up-move looks powerful and supported by the strong buying volume. Therefore, the possibility of breaking out of the swing hurdle also remains high. 

On the other hand, if the price faces rejection then bears may try to test the $60.00 level. The technical analysis suggests, Coinbase Stock Price is in bulls grip and buyers are likely to hold the higher levels. 

COIN Stock formed 3 white soldiers pattern

COIN Stock Prices rose for 4 consecutive weeks and formed a 3 white soldiers pattern on a weekly time frame. It shows the buyers are highly active at lower levels and downside seems to be limited. 

The broader market index is performing well which is positively impacting the sentiment of the investors and is favorable for COIN Stock. 

The MACD curve is rising upward and displays a sharp positive crossover. It indicates the prices are likely to continue the bullish momentum. The RSI at 75 sloping upward denotes strength but prices are near to overbought territory and short term down move is possible. 

Conclusion 

Coinbase Stock Price (NASDAQ: COIN) jumped 11% in a single day and up by 137% on YTD basis. It shows that buyers are returning back to track and preparing for the massive breakout. 

The technical analysis says, If the COIN Stock sustains above $80.00 then it will open the doors for reaching $100.00.

Technical levels

Resistance levels: $88.00 and $100.00

Support levels: $60.00 and $46.00

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.