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Strong rally, sharp correction: Coinbase surged between April and July 2024, but later gave back about half of those gains in a steep pullback. Today shares are up 1%
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$300 support zone: The stock found support near $300, an area reinforced by past price reactions and the 50% Fibonacci retracement of the April–July rally.
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Technical strength remains: Despite the correction, Coinbase continues to trade above its 100-period EMA, signaling that overall bullish sentiment is intact.
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Upside potential: If the $300 support holds, the next resistance levels to watch are $378, and then $423—the previous highs.
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Strong rally, sharp correction: Coinbase surged between April and July 2024, but later gave back about half of those gains in a steep pullback. Today shares are up 1%
-
$300 support zone: The stock found support near $300, an area reinforced by past price reactions and the 50% Fibonacci retracement of the April–July rally.
-
Technical strength remains: Despite the correction, Coinbase continues to trade above its 100-period EMA, signaling that overall bullish sentiment is intact.
-
Upside potential: If the $300 support holds, the next resistance levels to watch are $378, and then $423—the previous highs.
Coinbase shares remained in a strong upward trend from April through July 2024. This was followed by a sharp, deep correction that retraced roughly half of the earlier rally. However, the decline stalled around the $300 per share area, which now offers a potential base for a renewed upward move. The $300 zone has proven significant, marked by multiple prior price reactions as well as the 50% Fibonacci retracement drawn across the entire upswing that began in April this year. Moreover, the price has managed to stay above the 100-period exponential moving average, reinforcing the bullish sentiment around the stock. If the rebound from this $300 support level holds, a move towards resistance at $378 cannot be ruled out, followed by $423 per share, which corresponds to the most recent highs.
Coinbase, D1 interval
Source: xStation5
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