Coinbase (COIN) Stock Price Approaches a Record High
On 15 October, in our analysis of Coinbase (COIN) stock:
we established a long-term upward channel (shown in blue),
speculating that bulls were aiming to renew the trend from its lower boundary.
Then, on 30 October, Coinbase released its Q3 performance report to investors. Results fell short of expectations, leading to a decline in COINs price (indicated by a red arrow).
Despite this, today COINs stock price is providing investors with renewed optimism as it approaches its record high, currently around the $282.00 mark.
In this move, the price broke through:
the $220 resistance level,
a red trendline shown on the chart.
Key drivers of COIN's recent price increase:
the Fed's interest rate cut,
Trumps election win, which market participants view as a positive signal.
What lies ahead?
The 4-hour technical analysis of COIN suggests that at the historical high, the price meets a median line. This raises the likelihood that the upward momentum may stall, leading to possible outcomes such as:
price stabilisation (as supply and demand typically balance around the median),
a corrective movement following the sharp rise, which seems fitting given the RSI indicator pointing to overbought conditions.
Read more: https://fxopen.com/blog/en/oa-coinbase-coin-stock-price-approaches-a-record-high/
Text source: Forex Trading Blog
