Coinbase Stock Price Prediction As Buyers Gear up for 18% Upswing

Coinbase Stock Price Prediction: As the stock market navigates a correction phase, Coinbase (COIN) shares have been subject to an aggressive sell-off over the past week. Plunging from a monthly resistance level of $86.5, the stock has depreciated by roughly 15.7%, currently trading at $73.4. This downward trajectory appears poised to test the range support at $70, along with a long-term ascending trendline that could provide suitable ground to revive bullish momentum.

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Range Pattern Guide a Sideways Action

• The last two months’ sideways action in Coinbase shows no dominant nature of buyers or sellers
• A bullish breakout from $86.5 could set the coin for a 20% upswing
• The dual support of $70 and ascending trendline create a strong accumulation zone.

Source-Tradingview

In the short term, the Coinbase stock price has exhibited sideways price action, oscillating between the horizontal levels of $86.53 and $70. The price reverted three from the upper resistance and two from the lower support levels indicating the strong influence the pattern has on traders.

Amid ongoing selling pressure, the COIN price is gradually gravitating toward the $70 lower support, where it could potentially find footing for a bullish rebound. If the asset stabilizes above this key level, we could see a continuation of its sideways movement. 

For those awaiting a more decisive market direction, a breakout beyond the current range is the signal to watch. In an optimistic scenario, a bullish breakout above $86.5 could catalyze a surge towards the $102.84 mark.

Will the Correction Phase Continue?

On the daily chart, COIN has been following a consistent uptrend within a rising channel pattern for the past 10 months. Currently trading at $73.75, the stock is nearing the lower boundary of this channel, an area that has historically attracted buyer interest. Therefore, until this pattern stock price is prevented from a major correction.

• Exponential Moving Average: the flattish movement in daily EMAs(20, 50, 100, and 200) accentuates an uncertain sentiment in this asset.
• Relative Strength Index. Despite the sideways action, the rising RSI slope reflects the increasing buying pressure at the  $70 level.