Coinbase to Join S&P 500 on May 19: COIN Price Gains Bullish Momentum
The post Coinbase to Join S&P 500 on May 19: COIN Price Gains Bullish Momentum appeared first on Coinpedia Fintech News
- Coinbase stock will replace Discover Financial Services in the S&P 500 effective May 19, 2025.
- COIN shares surged over 8 percent during Mondays after-hours trading session.
Coinbase Global Inc. (NASDAQ: COIN) will be listed as part of the S&P 500 index, which tracks large-cap companies in the United States, on May 19, 2025. According to the announcement, Coinbase will replace Discover Financial Services (NYSE: DFS) in the S&P 500.
Furthermore, Discover Financial Services is being acquired by Capital One Financial Corp. (NYSE: COF), a constituent of the S&P 500 index.
The announcement received huge attention from the wider crypto community led by Michael Saylor, co-founder of Strategy. Moreover, the listing of Coinbase shares on the S&P 500 index further solidifies the growth and maturity of the cryptocurrency market and blockchain technology.
Coinbase Shares Ready for New ATH
Following the announcement, COIN shares surged over 8 percent in Mondays after-hours trading session to hover about $225. The large-cap company, with a market valuation of about $50 billion, successfully rebounded from a crucial support level above $150.
As a result, the COIN stock market is well positioned to rally beyond a crucial resistance level of around $348 in the near term. In the daily timeframe, COINs MACD line recently crossed above the seton line, amid the growing bullish momentum confirmed by the rising histograms.
Moreover, the company is heavily invested in Bitcoin and the wider altcoin market, which has signaled bullish momentum at the time of this writing. However, a consistent close below the recently established support level of around $150 will lead to further sell-off for COIN stock possibly towards the support level of around $116.
Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
