\nThe formation of a double bottom pattern hints at the upcoming bullish rally in Coinbase stock price. Enter now?\t\t\t\t<\/p>\n
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The Coinbase stock price entered into a correction phase in mid-July when it reverted from the $114.43 peak. This downfall plunged the coin price nearly 37% down before witnessing significant buying pressure around the $72 mark. On September 22nd, the coin seller showed a breakdown attempt from the $72 mark but it immediately failed and resulted in a faked breakdown scenario. The bear trap has led to the formation of a bullish reversal pattern called Double Bottom<\/a>, indicating a potential bullish upswing in the near future.<\/span><\/p>\n <\/p>\n Also Read: Bitcoin Post-Halving Rally Delayed As IMF Warns Inflation And Weaker Growth In 2024?<\/a><\/p>\n The Coinbase stock price<\/a> has been navigating through a consolidation phase for the past couple of months, maintaining a strong footing above the pivotal $72 support and the 61.8% Fibonacci retracement level<\/a>.\u00a0<\/span><\/p>\n Despite a bearish push on September 27th, the buyers quickly stepped in, reinforcing the idea of significant accumulation around this price region. The current price dynamics hint at the unfolding of a double bottom pattern, with this stock price trading at $76.2, marking a 4.2% decline for the day.\u00a0<\/span><\/p>\n<\/blockquote>\n The double bottom patterns are often developed at market bottoms and signals and early signs of trend reversal. the two bounce back in this pattern from the same support indicate the increasing buying pressure at lower prices.<\/p>\n If buying momentum continues to amplify, we could see the stock target the $86.6 resistance\u2014the neckline of the double bottom pattern. A definitive break above this level could pave the way for a more extended bullish phase, potentially pushing the stock toward the $102.5 resistance level.<\/span><\/p>\n Although the near-term outlook for Coinbase stock appears tilted towards the bulls, traders should remain vigilant around the $86.5 region\u2014a potential zone of increased selling pressure. Should resistance at this level hold firm, the stock might find itself oscillating between the $86.5 and $72 zones for a while.<\/span><\/p>\n <\/p>\n Therefore, a breakout above $86.5 would give a better confirmation for a rally to $100.<\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nBullish Pattern Hints COIN Stock Rally to $100<\/strong><\/h2>\n
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Will Recovery Trend Surpass $86.5?<\/b><\/h2>\n
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