Coinbase Stock Price Prediction: Will Coin Price Bounceback to $180?
Coinbase stock price prediction favours the bears on the chart, but a bounce back is possible in the stock price as a reversal candle is noted on the chart. This indicates that the selling pressure may be weakening and the buyers may regain control soon.
The Coin stock price is halted near the value of $187 and heading downward by making a lower low structure, breaking below the 20 and 50-day EMA levels, showing bearishness on the daily chart. The RSI is also below 50, indicating a lack of momentum and a possible oversold condition.
The price is corrected by 25.17% in a month and 9.07% in a week, showing the correction phase in the stock price. However, before the correction, the stock already gave a remarkable return of approximately 160% from OCT 2023 to DEC 2023, thanks to the strong growth of the cryptocurrency market and the increasing adoption of Coinbase’s platform.
Analysts have mixed opinions on Coinbase’s future performance. The average twelve-month price prediction for Coinbase Global is $121.38, with a high estimate of $200.00 and a low estimate of $60.00 as per the data of Tradingview. Some analysts are bullish on Coinbase’s long-term outlook, while others are skeptical about the unpredictability of the cryptocurrency market and the regulatory risks.
Coinbase is one of the leading cryptocurrency enterprises in the world, with over 73 million verified users and over $2.1 trillion in trading volume in the first nine months of 2023. The company offers a variety of products and services, such as trading, custody, staking, lending, and education, to individuals and institutions. Coinbase is also investing in innovation and expanding its global presence to capture the growing demand for digital assets.
At the time of writing the Coinbase stock price is currently trading at $124.75 with a volume of 16.693 Million as per the trading view data. The current market cap of the company is 29.846 Billion with a share float of $167.617.
Coinbase Stock Price Prediction: Technical Analysis
Source: Tradingview
Coinbase price recently broke below the key moving averages of 20 and 50-day EMA levels, showing bearishness. However, despite the bearish trend, the coin stock price is currently taking support on the 100-day EMA level and a reversal candle is noted, hinting at a bounce back.
MACD is heading downward in the negative zone. The bearish cross in MACD and the red bars on the histogram showcase bearishness on the chart.
The RSI curve is heading in the downward direction towards the oversold zone, demonstrating bearishness.
The support levels for the Coin stock price are $116 and $100, and the resistance levels for the price are $134 and $150.
Conclusion
Coinbase stock price prediction is not very optimistic in the short term, as the price is facing downward pressure and trading below the key resistance levels. However, the stock may bounce back soon, as the reversal candle and the support of the 100-day EMA suggest a potential recovery.
In the long term, Coinbase has a lot of growth potential, as it is a leading player in the booming cryptocurrency market and offers a diverse range of products and services to its customers. Coinbase stock price may reach new highs in the future, as the company continues to innovate and expand its global footprint.
Disclaimer
The information contained in this article is intended for informational and educational purposes only. It should not be construed as financial, investment, or trading advice. Investing and trading involve risk, and you should carefully consider your circumstances and risk tolerance before making any investment decisions.
