COIN

Resistance

Optimism

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Barclays and Compass Point have given a ‘buy’ rating to the stock</a> </li> 
 <li> <span>2</span> <a>The COIN Price is ready to make a rebound from its immediate resistance.</a> </li> 
</ul> 
<p>Barclays PLC has increased its Coinbase Global, Inc. holdings by 41.5% in Q3. Coinbase (NASDAQ: COIN) has been rated a “Buy” by Compass Point, with a target price of $200.&nbsp;</p> 
<p>According to Trading.Biz, as the tide rises again for Bitcoin and other digital assets, exchanges like Coinbase stand to benefit tremendously. Coinbase has emerged from the “crypto winter” in relative strength.</p> 
<p>The company’s financials and cost structure have been put on a firmer footing entering 2024 due to austerity measures.&nbsp;</p> 
<p>Legal risks have also moderated after Coinbase’s partial victory in its battle with the SEC late last year. The stock looks attractively valued at current levels compared to history, with fundamentals improving and a return to profitability on the horizon.</p> 
<h2 class="wp-block-heading" id="strong-what-could-be-the-reason-for-optimism-on-coinbase-strong"><strong>What Could Be the Reason for Optimism on Coinbase</strong></h2> 
<p>Reasons for optimism on Coinbase shares include strong network effects and brand recognition in a consolidating industry, potential upside from new product offerings like crypto staking, debit cards, and NFT marketplace. Moreover, the fundamentals are turning a corner with the path back to GAAP profitability. In addition to this, the upgraded ratings and positive analyst commentary around are also strengthening positioning.&nbsp;</p> 
<p>According to Tobi Opeyemi Amure, Coinbase has always been one of the elite crypto platforms in terms of trust and reliability.&nbsp;</p> 
<p>Tobi also said that their brand emerged largely unscathed from 2022’s tribulations, and they are poised to snap up market share from struggling or failed rivals in 2023.</p> 
<p>However, Coinbase still faces potential pitfalls and no investment is without risks. Regulatory clampdowns remain an ever-present threat in such a new and evolving industry. Continued volatility and bear markets could dampen trading activity and interest.&nbsp;</p> 
<p>There are also execution risks around new products and services that are still untested at scale. Nevertheless, with the crypto spring seemingly in bloom, Coinbase looks ready to rebound along with a broader digital asset ecosystem.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-technical-analysis-of-coin-stock-price-strong"><strong>Technical Analysis of COIN Stock Price</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img loading="lazy" decoding="async" width="1600" height="789" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/02/image-89.png" alt="Coinbase Stock: Market Optimism Increased for COIN; What’s Next?" class="wp-image-191598" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/02/image-89.png 1600w, https://www.thecoinrepublic.com/wp-content/uploads/2024/02/image-89-300x148.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/02/image-89-1024x505.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/02/image-89-768x379.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/02/image-89-1536x757.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/02/image-89-750x370.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/02/image-89-1140x562.png 1140w" sizes="(max-width: 1600px) 100vw, 1600px">
 </figure>
</div> 
<p>The Current Analysis of the <a href="https://www.thecoinrepublic.com/2024/01/29/amp-token-working-uses-rewards-and-distribution-of-amp/" target="_blank" rel="noreferrer noopener">COIN price</a> suggests a short-term consolidation. The COIN stock has been rejected at the level of $185 which was the immediate resistance. However, as the big players are getting into the stock a big move up can likely be seen soon.&nbsp;</p> 
<p>The <a href="https://www.thecoinrepublic.com/2024/01/29/amp-token-working-uses-rewards-and-distribution-of-amp/" target="_blank" rel="noreferrer noopener">COIN</a> bulls are currently seeking the immediate support level of $129, it is likely that a bounce-off will be seen. Therefore, the price prediction will be bullish and the first target price will be $159.</p> 
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3> 
<p>Barclays PLC increased holdings in Coinbase. It has been rated a “Buy” by Compass Point. As the tide rises again for Bitcoin and other digital assets, exchanges like Coinbase stand to benefit. However, regulatory clampdowns and market volatility remain potential risks. COIN bulls are seeking immediate support with a close target price.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support Levels:</strong> $129 and $87</li> 
 <li><strong>Resistance Levels: </strong>$185 and $213</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.</p>

Coinbase Stock: Market Optimism Increased for COIN; What’s Next?

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