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

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As a seasoned crypto investor with a deep understanding of the market dynamics, I am closely monitoring the recent developments surrounding Coinbase’s stock. The U.S. Marshals Service (USMS) selecting Coinbase as their partner for handling seized cryptocurrencies is an impressive milestone that could significantly boost COIN’s price. This partnership underscores Coinbase’s growing influence and its ability to cater to high-profile clients, including government agencies.

At 3:12 PM EDT on Monday, the U.S. market showed minimal fluctuations with the S&P 500 index experiencing a slight gain of 0.14% to $5469. In contrast, Coinbase’s stock price experienced a significant jump of approximately 5.6%, reaching $235 within the day. This substantial rise in Coinbase share value can primarily be attributed to a major business collaboration and the emergence of a bullish continuation pattern. These developments could potentially indicate further growth for Coinbase’s stock price.

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

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

For the past 90 days, the Coinbase stock has exhibited a horizontal movement, with its value oscillating inside a triangle configuration on the chart. The triangle’s converging trendlines act as both dynamic resistance and support, gradually narrowing the price range to trigger a significant price breakout.

In early June, the COIN stock price showed signs of a lower high formation on the daily chart, implying that buyers had not gained enough strength for further price increases during this consolidation period. However, more recently, the stock bounced back from its support line at $207.7 and experienced a significant surge of 13.5%, reaching $235.4.

At the time this article is published, Coinbase’s stock market capitalization amounts to $57.86 billion, while its trading volume over the past 24 hours reaches approximately $900,000.

The U.S. Marshals Service (USMS) has taken a major step forward by choosing Coinbase to oversee the storage and administration of their seized cryptocurrencies. This milestone signifies a crucial advancement in the handling of digital assets by American law enforcement, particularly for cryptocurrencies obtained from illicit activities and subsequently confiscated.

The U.S. Marshals Service has recently chosen Coinbase Prime as its service provider for holding and executing sophisticated trades on their large-value digital asset holdings.

Read more about this partnership ↓

— Coinbase Institutional (@CoinbaseInsto) July 1, 2024

Coinbase’s choice of high-profile clients, such as government agencies, underscores its abilities and reliability in delivering safe, regulation-adherent custodial services that ensure security.

A potential improvement could boost the value of COIN by approximately 7.5%, enabling it to confront the triangle resistance once more.

If the trendline above serves as resistance no longer, a bullish rupture would indicate the conclusion of the consolidation phase and pave the way for additional gains. According to the forecast, Coinbase Stock may then reach for a potential objective 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

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2024-07-01 23:48