Coinbase Global, Inc. (NASDAQ:COIN) shares are moving Tuesday amid increased interest in cryptocurrency-related stocks. Here's a look at what's going on.
What To Know:
Ethereum (CRYPTO: ETH) spiked Monday afternoon amid growing optimism surrounding the potential approval of spot Ethereum ETFs after well-informed analysts raised their odds of approval from 25% to 75%.
Ethereum is up 22.54% , Bitcoin (CRYPTO: BTC) is up 5.47% over the past 24 hours and Coinbase shares ended Monday's session 8.47% higher.
Last week, BofA Securities analyst Mark McLaughlin upgraded Coinbase Global to Neutral from Underperform and raised the price target to $217 from $110. The analyst attributed the upgrade to the re-engagement of retail investors in crypto and the company's operating leverage following expense cuts.
According to data from Benzinga Pro, shares are trading below the stock's 50-day moving average of $233.69 and below its 52-week high of $283.48.
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COIN Stock Prediction 2024:
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Coinbase Global, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Coinbase Global, the 200-day moving average sits at $146.38, according to Benzinga Pro, which is below the current price of $225.37. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
COIN Price Action: According to Benzinga Pro, Coinbase Global shares are down 1.33% at $222.28 at the time of publication Tuesday.
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