Coinbase (COIN) Stock Price Prediction: COIN Primed for a Bullish Breakout as Altcoins Rally

Coinbase stock price returned to winning ways on Monday, rising by more than 2 percent to close the day's trading session at $302.40.

Coinbase (NASDAQ: COIN) shares closed higher on Monday as the crypto market upsurge continued to boost the company’s stock price.

The crypto market capitalization rose to over $3.47 trillion, as per CoinGecko, and that drove transaction volumes to new highs, which bodes well for Coinbase.

Coinbase stock price rose by more than 2% on Monday to close at $302.40. Goldman Sachs performed a splendid revision of its price target for the stock on Monday. The investment bank maintained a “neutral” rating on the stock but raised the price target substantially to $397 from the previous $183.

Coinbase is a leading digital assets exchange in the United States. Hence, its fortunes are closely tied to those of the crypto market.

As Bitcoin price encountered headwinds in its pursuit of the milestone $100k mark, that could pose a challenge to the upside of Coinbase stock price. The crypto market bellwether has gained 1.4% in the last seven days, which is a meager achievement in the current market rally.

However, Altcoins have stepped up, with the likes of XRP, XLM and HBAR prices skyrocketing to multi-year highs. That will likely keep investors flocking into exchanges, which will fuel the Coinbase (NASDAQ: COIN) upward momentum.

Moreover, the incoming Trump administration promises a friendlier regulatory ecosystem for the crypto industry. As the largest cryptocurrency exchange in the US, Coinbase stands to gain significantly from the expected crypto-friendly policies.

Coinbase stock price has recently broken below the psychological $300 mark and trades below the Volume Weighted Moving Average (VWMA) on the hourly chart.

Pivot: On the hourly chart below, Coinbase stock price pivots at the $295.00. Action will likely head upwards if the buyers keep the price above that mark. Otherwise the downside will prevail.

Resistance: The first barrier is likely to come at $302.50. However, if the buyers extend their control, the price could break above that level and test $310.25.

Support: Anticipate the first support at $290.00. A break below that level will render the upside narrative invalid. Also, the resulting momentum could send the price lower to test the second support at $285.25.