COIN Approaches Resistance As Bitcoin Breaks Above $60,000
After a 26% drop in January, Coinbase (NASDAQ: COIN) stock has made an extraordinary comeback this month. Since the start of February 2024, the stock price has been up 55%. This also translates into a YTD surge of 14%. In this article, we will analyze the stock of the biggest crypto exchange in the US from the perspective of short and long-term timeframes.
The primary reason behind the bullish price action of Coinbase shares is the ongoing uptrend in cryptocurrencies. The rally comes after a brutal bear market and regulatory crackdown against the crypto companies in the last two years.
In fact, the legal battle between the SEC and Coinbase still continues, and the outcome may impact the stock price in the coming months. However, these concerns have taken a back seat amid the successful launch of the spot Bitcoin ETFs. The latest data reveal that these ETFs’ collective daily trading volume has hit record highs with massive institutional inflows.
According to details, Coinbase is the custodian for most of the spot BTC ETFs, with 90% dominance in the sector. This will enable the US-based crypto giant to have a new revenue stream, which may send Coinbase stock to new highs.
Insiders Sell $9.3M Worth Of Coinbase Shares
As per the most recent revelations, Lawrence J Brock, Chief People Officer of Coinbase, has sold 16,889 company shares. The sale allowed the executive of Coinbase Global to rake in $2.78 million. The insiders are not the only ones profiting, as Cathie Wood’s ARK Invest also recently sold $9.3 million worth of COIN.
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Coinbase Stock Outlook & Technical Analysis
Coinbase Stock Outlook & Technical AnalysisTechnical analysis of NASDAQ: COIN on a weekly timeframe shows the continuation of bullish momentum after a retest of the $115 support at the start of this month. Since then, the stock has not only shown a V-shaped recovery but has also made fresh 52-week highs.
However, the near-term Coinbase stock price forecast now depends on the outcome of the retest of the $208 resistance level which is a previous support level, as shown in the following chart. There are strong chances of a pullback from this level, but there is also a possibility of a move toward the fair value gap above $217. Therefore, the next few days will be very critical in this regard.
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After a 26% drop in January, Coinbase (NASDAQ: COIN) stock has made an extraordinary comeback this month. Since the start of February 2024, the stock price has been up 55%. This also translates into a YTD surge of 14%. In this article, we will analyze the stock of the biggest crypto exchange in the US from the perspective of short and long-term timeframes.
The primary reason behind the bullish price action of Coinbase shares is the ongoing uptrend in cryptocurrencies. The rally comes after a brutal bear market and regulatory crackdown against the crypto companies in the last two years.
In fact, the legal battle between the SEC and Coinbase still continues, and the outcome may impact the stock price in the coming months. However, these concerns have taken a back seat amid the successful launch of the spot Bitcoin ETFs. The latest data reveal that these ETFs’ collective daily trading volume has hit record highs with massive institutional inflows.
According to details, Coinbase is the custodian for most of the spot BTC ETFs, with 90% dominance in the sector. This will enable the US-based crypto giant to have a new revenue stream, which may send Coinbase stock to new highs.
Insiders Sell $9.3M Worth Of Coinbase Shares
As per the most recent revelations, Lawrence J Brock, Chief People Officer of Coinbase, has sold 16,889 company shares. The sale allowed the executive of Coinbase Global to rake in $2.78 million. The insiders are not the only ones profiting, as Cathie Wood’s ARK Invest also recently sold $9.3 million worth of COIN.
![]()
Coinbase Stock Outlook & Technical Analysis
Technical analysis of NASDAQ: COIN on a weekly timeframe shows the continuation of bullish momentum after a retest of the $115 support at the start of this month. Since then, the stock has not only shown a V-shaped recovery but has also made fresh 52-week highs.
However, the near-term Coinbase stock price forecast now depends on the outcome of the retest of the $208 resistance level which is a previous support level, as shown in the following chart. There are strong chances of a pullback from this level, but there is also a possibility of a move toward the fair value gap above $217. Therefore, the next few days will be very critical in this regard.
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