- Summary:
- Bitcoin's move to the six-figure price territory signals a momentous occasion for Coinbase stock price, and a blastoff could be imminent.
Coinbase stock price returned to the upside in Friday’s premarket session, rising by 1.6%. The stock dropped sharply by 3.1% on Thursday, on a day when the crypto market rose sharply as Bitcoin price topped $100k. The move is central to the company’s growth as it is the largest centralized exchange in the United States.
Bitcoin’s historic spike also strengthens Coinbase’s baseline, as the company owns 9,363 BTC, whose value increased by about $100 million in 24 hours following the news. Bitcoin has since subsided to around $98k as of this writing, but analysts expect it to resume the uptrend after profit-taking.
The incoming Trump presidency is a boon for the crypto market. The President-elect nominated Paul Atkins to take over as the SEC Chairman after Gary Gensler steps down in January 2025. Atkins is a known crypto supporter, and his tenure is expected to mark a departure from Gensler’s lawsuit-ridden reign.
Coinbase stock price trades above key moving average levels, including the 20, 50 and 100 Exponential Moving Average (EMA) levels. Meanwhile, the Average Directional Index (ADX) reading is at 46 on the daily chart, signaling a strong trend. Therefore, the recent upward momentum is likely to continue.
Coinbase stock price prediction
Coinbase stock price pivots at $323, and the RSI indicator calls for further upside above that mark. With the buyers in control, COIN will likely encounter the first resistance at $335. However, a stronger upward momentum could breach that barrier and enable the stock to move to the next hurdle at $343.
Conversely, moving below $323 will favour the sellers to take control. In that case, the stock will likely find initial support at $315. However, extended control by the sellers could break below that level, invalidating the upside narrative. Meanwhile, the momentum could take the price ower and test the second support at $309.
