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Cryptocurrency News Articles
Coinbase (COIN) Stock Price Prediction: Q3 Earnings, Bitcoin (BTC) Rally Drive 18% Rise in Two Days
Oct 15, 2024 at 05:10 pm
The chart shows that Coinbase (COIN) shares, which opened trading around $166 on Friday, closed yesterday above $196, marking an approximate 18% rise in just two days.
Coinbase (NASDAQ:COIN) shares, which opened trading around $166 on Friday, closed yesterday above $196, marking an approximate 18% rise in just two days.
Several factors have contributed to this sharp increase in Coinbase’s stock price.
Firstly, there is positive sentiment in the US stock market, with the S&P 500 and Nasdaq Composite both up around 2% for the week. This is likely due to a combination of factors, including anticipation of strong Q3 earnings and a surge in cryptocurrency prices.
Coinbase is scheduled to release its quarterly report on 30 October. Analysts from Zacks estimate that the company may post earnings of $0.34 per share this quarter, a staggering 3500% improvement compared to the same period last year.
Meanwhile, Bitcoin (BTC/USD) is up around 10% for the week, climbing above $65,000. This is likely due to a combination of factors, including anticipation of the upcoming launch of Bitcoin futures exchange-traded funds (ETFs) and a surge in demand for cryptocurrencies as an inflation hedge.
From a technical perspective, the COIN stock chart shows that in October, the price rebounded off the lower boundary of a significant channel (marked in blue) that has been in play since 2023. This could indicate that bulls are attempting to re-establish a long-term upward trend.
However, in the near term, the price might encounter resistance around the psychological level of $200 per share, which previously acted as support (as seen by the first arrow). At the end of August, bulls struggled to maintain gains above this level (shown by the second arrow), underscoring the importance of psychological barriers – for example, the false breakout at $150 on 6 September.
TipRanks analysts project an average price target of $258 for COIN over the next 12 months, with 7 out of 15 analysts rating the stock as a buy.
According to TipRanks, analysts project JPMorgan’s average price target to reach $228 within the next 12 months.
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