Is Coinbase Stock Price Heading to $180? Bitcoin Rally Lifts US-Crypto Stocks

3 months ago 27

Coinbase Stock Price: Bitcoin, the largest cryptocurrency by market cap, is leading the recovery trend in crypto and traditional stock markets. As the BTC price tapped the $52000 high for the first time since December 2021, the global crypto market cap surged to $1.92 Trillion projecting a 4.56% intraday gain. Amid this uptick, the US crypto stocks showed a notable gap on Wednesday-February 14th.

Also Read: Coinbase & Other Crypto Stocks Surge As Bitcoin Tops $51K, Rally To Sustain?

US-Crypto Stocks Gains Momentum as BTC Price Hit $52K

#Bitcoin has reclaimed the $1T market cap, a key milestone, for the first time since December 2021. It now has a bigger capitalization than giants such as Walmart, Tesla, or even Berkshire Hathaway. However, for valuing digital assets like $BTC, market cap has its limitations

— glassnode (@glassnode) February 14, 2024

Amid the Bitcoin price rally, the various crypto-related stocks entered an aggressive recovery trend last week. The Cryptocurrency exchange Coinbase (COIN) is 37.5% up in the last seven trading days. The software company MicroStrategy (MSTR) is 60% up and trading platform Robinhood(HOOD) shows an 18% hike in the same period.

Furthermore, crypto-mining firms have seen significant gains, almost completely recouping the losses incurred during the previous downturn.

In the last 7 trading days, Marathon Digital Holdings’ stock price is 70% up, Riot Platforms stock is 58% up, while Bitfarms projects a 48% rally.

Healthy Retracement Sets Coinbase Stock Price For Higher Rally

In the second week of February, the Coinbase stock (COIN) price experienced a positive shift, bouncing back from a local support level of $114. This bullish above the 50% Fibonacci retracement level signals a constructive pullback, enabling buyers to regain lost bullish momentum.

Currently trading at $157, the COIN stock is approaching the key resistance level at $161, gearing up for another potential breakout. Overcoming this hurdle could furnish buyers with adequate support to aim for a 16% increase, reaching the previous peak of $187.

Although this monthly resistance level might prompt a resurgence of selling pressure, surpassing it would indicate a stronger prospect of sustained growth.

Also Read: Coinbase (COIN) Next In Cathie Wood’s Ark Invest Radar After This Crypto Stock Buy

Technical Indicator:

Exponential Moving Average: The 100-day EMA slope acts as a solid support during a market correction.
Moving Average Convergence Divergence: A bullish crossover between MACD and the signal line reflects the Coinbase stock price returns to a recovery trend.