Coinbase stock price has picked up aggressive momentum this week, as its rival in crypto exchange Binance is facing some regulatory challenges. As a result, the Coin 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.
COIN Price to $150? A rising channel pattern leas the current recovery trend in COIN Stock. The ongoing recovery trend may witness intense supply at the $135 mark. The 20 EMA could offer a strong pullback to buyers.
The Coinbase stock price 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.
This upward trend is part of a bullish swing within a rising channel pattern, which has been shaping the stock’s recovery trajectory for over a year.
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.