\nCoinbase Stock Price Analysis: The COIN price recovery is heading to the $135 high, but there\u2019s a twist.\t\t\t\t<\/p>\n
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Coinbase Stock Price Analysis: The ongoing recovery in Coinbase stock price has picked up aggressive momentum this week, as its rival in crypto exchange Binance is facing some regulatory challenges<\/a>. As a result, the Coin share price has been rising for five consecutive days and reached a 4-month high of $114.4. However, a look at the daily time frame chart shows this recovery is part of a rising channel indicating the asset is poised for further rally.<\/span><\/p>\n <\/p>\n Also Read: 5 Cryptocurrencies That Can Make You Rich In 2023<\/a><\/p>\n The Coinbase stock price<\/a> has demonstrated a remarkable recovery in November, bouncing back robustly from a psychological support level of $70. Over the past three weeks, this momentum has propelled the asset price to an impressive $115, translating to a 63% increase.\u00a0<\/span><\/p>\n <\/p>\n A detailed analysis of the daily time frame chart reveals that this upward trend is part of a bullish swing within a rising channel pattern, which has been shaping the stock\u2019s recovery trajectory for over a year.\u00a0<\/span><\/p>\n This pattern, characterized by two parallel trendlines, has consistently provided dynamic resistance and support for the Coinbase stock. Currently, the recovery momentum seems poised to continue, potentially driving the price approximately 15% higher to the upper trendline of the channel, around the $135 mark.\u00a0<\/span><\/p>\n However, historical trends within this pattern suggest a cautionary tale; each approach to the upper trendline has historically been met with increased selling pressure, leading to an immediate reversal towards the lower trendline.\u00a0<\/span><\/p>\n<\/blockquote>\n Therefore, should the overhead supply pressure become significant, the Coinbase stock price may face another correction phase starting from the $135 level.<\/span><\/p>\n <\/p>\n A recent catalyst for Coinbase stock performance was the news of Binance CEO Changpeng Zhao\u2019s resignation<\/a> following a guilty plea to U.S. anti-money laundering law violations. While this development has contributed positively to the current upward trajectory, resistance at higher levels is likely to temper the pace of recovery. For the stock to shift into a more aggressive recovery mode, it would need to breach the overhead trendline, potentially setting the stage for a surge towards the $200 mark<\/span><\/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>\nCoinbase Price Daily Chart<\/strong><\/h2>\n
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Will COIN Price Hit $200?<\/b><\/h2>\n
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