Coinbase (COIN) stock has been on a strong uptrend recently.
Technically, the stock is trading above the 50- and 200-day averages. The RSI level has reached 77, indicating that it has entered the overbought zone. In the short term, the $310 level stands out as a critical resistance. If this level is broken upwards, targets can be set at $348 and above. In possible corrections, $265 can be monitored as a strong support.
The “GENIUS Act” stablecoin regulation passed by the US Senate was a major catalyst for Coinbase, and the stock rose 16% after this news. In addition, the company obtained a crypto license from the European Union and expanded its services across the EU. It also made a strong entry into the derivatives market with the acquisition of Deribit. All these developments enable the company to grow its product diversity and global footprint.
Overall, COIN stock is technically strong and in a bullish phase, supported by fundamental data. ''Although there is a possibility of a short-term correction due to the high RSI'', the company's medium- to long-term growth story sends positive signals to investors. While the $250-$265 range can be monitored for buying, a strong rally may start if the $310 resistance is broken.
Technically, the stock is trading above the 50- and 200-day averages. The RSI level has reached 77, indicating that it has entered the overbought zone. In the short term, the $310 level stands out as a critical resistance. If this level is broken upwards, targets can be set at $348 and above. In possible corrections, $265 can be monitored as a strong support.
The “GENIUS Act” stablecoin regulation passed by the US Senate was a major catalyst for Coinbase, and the stock rose 16% after this news. In addition, the company obtained a crypto license from the European Union and expanded its services across the EU. It also made a strong entry into the derivatives market with the acquisition of Deribit. All these developments enable the company to grow its product diversity and global footprint.
Overall, COIN stock is technically strong and in a bullish phase, supported by fundamental data. ''Although there is a possibility of a short-term correction due to the high RSI'', the company's medium- to long-term growth story sends positive signals to investors. While the $250-$265 range can be monitored for buying, a strong rally may start if the $310 resistance is broken.
Trade closed: stop reached
I was expecting a short-term pullback, followed by a rise in the stock, due to the RSI swelling and the stock being in the resistance area, as well as the war news. We saw a rapid rise after the ceasefire news in the Middle East
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.