Coinbase's COIN stock price to cross $150 this year?
Coinbase stock price has nearly doubled since its June lows with a potential for much more upside this year, according to a mix of technical and fundamental indicators.COIN has been undergoing a strong bullish reversal after falling by almost 90% from its record high of $368.90 in November 2021.
Coinbase stock price was up over 95% to $75.27 as of July 20's close when measured from its May 12 local bottom of $40.83. Its recovery led to a symmetrical triangle pattern formation with the price forming a sequence of lower highs and higher lows. Symmetrical triangles in downtrend typically turn out to be bearish continuation patterns. They resolve after the price breaks below their lower trendlines to fall further. But in, a symmetrical triangle could form at the end of a downtrend, leading to sharp bullish reversals.
As it seems, COIN has already entered the breakout stage of its symmetrical triangle reversal pattern. Notably, Coinbase stock closed above the structure's upper trendline on July 28 while accompanying a rise in trading volume, as shown below.COIN now tests $80 as its interim resistance while eyeing a further upside toward $135.
The triangle's upside target appears closer to COIN's 200-day exponential moving average near $153. That psychologically raises the possibility of COIN forming bullish wicks toward $153 if it reaches $135 this year.
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