Wednesday

Bitcoin ETF

Coinbase Stock

Spot

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/grpoFKXF-e1704304189499.png" class="attachment-full size-full wp-post-image" alt="Coinbase Stock Price Prediction" decoding="async" style="float:right; margin:0 0 10px 10px;">
Coinbase Stock Price Prediction: Amid broader market trends, the S&amp;P 500 index saw a 0.37% drop Wednesday morning ahead of the Federal Reserve’s policy meeting minutes, accompanied by similar declines in the Dow Jones Industrial Average (-0.74%) and Nasdaq Composite (-0.95%). In this context, the Coinbase (COIN) share price continued its <a href="https://coingape.com/breaking-ark-invest-sells-coinbase-coin-shares-ahead-spot-bitcoin-etf-cathie-wood-bearish/">correction phase</a>, currently trading at $153. Yet this movement towards crucial support suggests a potential for buyer intervention, possibly signaling a turnaround and resumption of the stock’s recovery. 
<h2 id="strong-can-140-support-trigger-a-new-recovery-strong">Can $140 Support Trigger a New Recovery</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The current correction could assist the Coinbase Stock price to revive the exhausted bullish momentum.</li> 
 <li style="font-weight: 400;" aria-level="1">Accumulation of the technical level at $140 creates a strong demand zone</li> 
 <li style="font-weight: 400;" aria-level="1">The positive alignment within daily EMAs(20, 50, 100, and 200) reflects the overall trend remains bullish</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/g/grpoFKXF.png" alt="Coinbase Stock Price Prediction" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Coinbase Stock Price Prediction| TradingView Chart
 </figcaption>
</figure> 
The recent trajectory of the <a href="https://coingape.com/crypto-stocks/coin/">Coinbase stock price</a> reflects a significant market recovery, beginning with a sharp rebound in late October from a local support level of $70.4. This upturn propelled the stock by 165% over two months, peaking at $187.39. However, a recent pullback from this peak led to an 18.2% drop in the asset’s value over the last three trading days. 
Analyzing the daily timeframe chart reveals that this correction may approach the ascending trendline of a rising channel pattern, potentially serving as a support level. Notably, this trendline support around the $140 mark aligns with the 38.2% <a href="https://coingape.com/glossary/fibonacci-retracement/">Fibonacci retracement level</a>, forming a significant convergence point that could attract buyers. Such a retracement is generally seen as beneficial for a sustained bull run, providing investors a momentary pause to gather strength. 
<blockquote>
 If the stock maintains its position above this key support area, it could enable buyers to regain control and continue the recovery trend. In an optimistic scenario, this post-correction phase might propel the Coinbase share price towards a target of $207.5, with a subsequent aim of reaching $282.
</blockquote> 
<h2 id="b-is-coinbase-stock-price-at-risk-of-further-correction-b">Is Coinbase Stock Price at Risk of Further Correction</h2> 
While the overall trend for Coinbase’s share price remains bullish, a sustained decline below the trendline could signal the onset of a more substantial correction. In such a case, the share price might decline by 11.8% from its current trading level of $149, potentially retesting support levels at $128 and then $114, which correspond to the 50% and 61.8% Fibonacci retracement levels, respectively. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The daily ADX slope at 53% suggests the buyers are likely exhausted from the recent rally.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential moving average: the rising 50-<a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> slope wavering close to the $140 level could offer additional support to market buyers.</li> 
</ul> 
<h3 id="related-article">Related Article:</h3> 
<ul> 
 <li><a href="https://coingape.com/coinbase-stock-sale-crypto-news/">Top Coinbase Executives Offload $COIN Stock Amid Bitcoin ETF Hype</a></li> 
 <li><a href="https://coingape.com/crypto-market-selloff-btc-eth-sol-xrp-ada-price-free-fall/">Crypto Market Selloff: $600 Mln Liquidated BTC, ETH, SOL, XRP, ADA Price Free Fall, Here’s Why</a></li> 
 <li><a href="https://coingape.com/markets/bitcoin-price-dumps-to-40k-as-doubts-linger-over-spot-etf-approval-can-btc-weather-the-storm/">Bitcoin Price Dumps To $40k As Doubts Linger Over Spot ETF Approval, Can BTC Weather the Storm?</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/coinbase-stock-price-prediction-healthy-retracement-sets-coin-to-200/">Coinbase Stock Price Prediction: Healthy Retracement Sets $COIN Price to Surpass $200</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Coinbase Stock Price Prediction: Healthy Retracement Sets $COIN Price to Surpass $200

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