Coinbase Roars Back to IPO Levels – Is COIN Primed for a New Bull Run?
Coinbase just clawed its way back to its listing day valuation – and the market's buzzing. After weathering crypto winters, regulatory storms, and more than a few Wall Street eye-rolls, COIN's resurgence has traders asking: Is this the start of something bigger?
The comeback kid. Three years post-IPO, Coinbase's stock is flexing like a DeFi protocol after a major upgrade. No flashy gimmicks – just cold, hard market momentum. Even the suits are paying attention now.
What's fueling the rally? Institutional inflows? Retail FOMO? Or just Wall Street finally realizing crypto's not going anywhere? (Though let's be real – they'll still call it a 'fad' during the next dip.)
Next moves. Watch for breaking $250 resistance – that's when things get really interesting. And if the Fed cuts rates? Buckle up. Just remember: in crypto, the only certainty is volatility. And maybe SEC lawsuits.
Understand inverse H&S
An inverse head-and-shoulders pattern comprises three troughs, with the middle one being the deepest, marking peak bearishness, and the other two relatively shallower and roughly equidistant in magnitude.
The shallower right shoulder, a sign of buyers looking to reassert themselves, is where volumes tend to pick up. Still, the bullish trend change is confirmed only after prices MOVE above the neckline, a line connecting recoveries between the troughs. Trading volume typically drop as the pattern unfolds and rise as it nears completion.
Chart analysts typically add the gap between the neckline and the low point of the pattern to the breakout point to calculate the possible upside in what's known as the "measured move" method of gauging potential rallies.
COIN's breakout
COIN recently topped the neckline resistance and has established a base above the same since then. The measured move method suggest a potential rally to $660.
Note how trading volumes remain depressed as the deepest tough, the head, was being formed through 2022-23 and picked up in April as the right shoulder neared completion.
The bullish technical development is consistent with the constructive outlook shared by most fundamental analysts. Recently, Oppenheimer raised its projection for COIN to $395 from $293, maintaining an "outperform" rating on the shares.
