Friday, June 21, 2024

After falling 90% from a record high, Coinbase stock could double in 2022.

COIN, also known as the stock from Coinbase, has seen its price almost double. This is since the lows it experienced in June. According to indicators that are both fundamental as well as technical, it’s possible for Coinbase to experience more of an upside this year.

COIN has been seen to be experiencing a reversal that is bullish, since it fell by almost 90% from its high of $368.90. This was in november of 2021.

The Value Of COIN

The stock price for Coinbase was up by almost 95%. It reached around $75.27 in the month of July in 2020. This can be compared to the local bottom that it experienced in May. In May, the price of COIN was around $40,83. The pattern formed by its recovery was that of a symmetrical triangle. The price of COIN formed both a sequence of higher lows as well as lower highs.

It has been seen that symmetrical triangles that follow a downward trend end up as patterns that are bearish. The price will need to break below their trendline which is lower, before the situation can be resolved. There are however, rare situations where at the end of a downtrend, there could a triangle that is symmetrical. This can lead to sharp reversals that are bullish.

COIN has already managed to enter its breakout stage. It has been noted that the stock from Coinbase closed at above the upper trendline of the structure, on the 28th of June.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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