COIN stock price popped by over 6.5% on Wednesday, reaching its highest level since February 4. Coinbase has jumped by over 25% as the crypto market rebounded. This article explores whether it will continue rising as Wall Street analysts expect.
Wall Street Experts are Bullish on the Coinbase Stock Prices
Coinbase stock price remains in a bear market after falling by over 61% from its highest level in July last year. This retreat has coincided with the ongoing crypto market crash, which has affected Bitcoin and most altcoins.
COIN stock rose on Wednesday as Bitcoin and top altcoins rose. Bitcoin jumped to over $67,000, while the market capitalization of all coins rose by over 5%. Crypto exchanges like Coinbase, Gemini, and Bullish do well when cryptocurrencies are doing well.
Wall Street analysts are highly bullish on the COIN stock price despite its recent crash. Data compiled by MarketBeat shows that 19 Wall Street analysts have a buy rating, while 11 have a hold and 3 have a sell. The consensus price target among analysts is $278, up by 62% from the current level.
Coinbase stock foecastSome of the top analysts who are bullish on her company include those from Rothschild, Goldman Sachs, UBS, and Deutsche Bank.
Wall Street analysts mostly cite Coinbase’s market share in the US market and the diversity of its business. In addition to making money through transactions, the company has a large custody, stablecoin, and subscription business.
The most recent results showed that the transaction revenue stood at over $3.98 billion last year, while its total subscription and services revenue rose to $2.3 billion.
Coinbase stock jumped after the company expanded its business by launching thousands of tokenized stocks, a move that will see it compete further by companies like Robinhood and WeBull. It has recently launched a prediction market, one of the fastest-growing businesses.
COIN Stock Price Prediction: Technical Analysis
The daily timeframe chart shows that the COIN share price has come under pressure in the past few months. It has dropped from a high of $447 to the current $172.
The stock remains below the 50-day and 100-day Exponential Moving Averages (EMA) and the Supertrend indicators. That is a sign that bears are in control for now.
A closer look shows that the stock has formed an inverted cup-and-handle pattern, and is now in the process of forming the handle section. It is also forming a bearish flag pattern, a common continuation sign in technical analysis.
COIN stockTherefore, to most likely COIN stock price prediction is bearish, with the initial target being at $142, its lowest level in April last year. A move below that level will point to more downside, potentially to the key support level at $100.
On the other hand, a move above the key resistance level at $200 will invalidate the bearish outlook and point to more gains.
Source: https://coingape.com/markets/coin-stock-price-prediction-as-wall-street-pros-forecast-a-62-surge/
